Digital transactions via UPI see 584% jump since demonetisation

14 lakh consumers, 77,000 merchants have been rewarded Rs 226 cr for embracing digital payments

There has been an increase of 584 per cent in digital transactions done through the Unified Payments Interface (UPI) since demonetisation in November last year, said an official release on Thursday.

"There has been a phenomenal 584 per cent increase (0.3 to 4.5 million) in transactions made through the Unified Payments Interface (UPI) since demonetisation. In the same period, payments using Aadhaar have also seen an unprecedented jump of 1352 per cent (0.7 to 2.7 million)," a NITI Aayog press release said.

The government is also keen to increase transactions through digital payment methods to 25 billion this year to reduce black money and fight shadow