"The digital payment transactions have got a major boost and increased from 91 crore in November 2016 to 153 crore in the October 2017," Minister of State for Electronics and IT Alphons Kannanthanam said in a written reply to the Rajya Sabha.
As per data shared by the minister, total value of digital payments stood at Rs 143.1 lakh crore in October 2017.
The thirteen-month data, starting October 2016, shared by Kannanthanam showed digital payments spiked to Rs 172.6 lakh crore in March 2017 from Rs 108 lakh crore in February and then dipped to Rs 133.8 lakh crore in April last year.
"...there has been a steady rise in the value of payment transactions that are happening through digital modes. This adds to more number of transactions being recorded and transparent thereby leading to a less-cash economy. It is expected that the rising volume and value of electronic transactions will play a role in reducing black economy," Kannanthanam said.
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