Growth Of Digital Payment System and Indian Economy

Abstract

The year-wise growth in the value of total digital payments during the period 2019-20 to 2023-24 is Rs.. 1,61,9,68,680 crore in the FY 2019-20. Considering the value growth in digital transactions based 2019-20, it has decreased by 12.66% in 2020-21. This is because this was the period of COVID-19, during which the economy had a huge decline in credit transactions. The highest record growth in digital value is seen in the FY 2021-22 at 23.28%. Whereas, in the FY 2022-23, 2023-24, a growth of 19.66% and 16.35% has been seen, respectively. Similarly, the total volume of digital transactions was Rs. 340156 lakh in 2019-20. On that basis, when the annual growth in the volume of transactions is taken into account, it is seen that the highest growth of 64.68% occurred in the FY 2021-22 in these five years. While the lowest annual growth of 28.49% occurred in the year 2020-21