National Payments Corporation of India (NPCI), the umbrella organisation for all retail electronic payments systems in the country, has touched a landmark number of 1 billion transactions during July this year. The next logical target can be a billion transactions a day may be in 3 years," he added. DIGITAL PAYMENTS RECORDED 55 PER CENT INCREASEAccording to digital payments committee chairman, Ratan Watal, digital payments recorded a 55 per cent increase in 2016-17 and the trend is likely to continue in the coming years. The government is giving a big push to digital transactions which is expected to weed out black money in the economy and has set a target of 25 billion transactions to be achieved by March 2018. The government has been promoting a less cash economy through a greater push on digital payments.

Source: India Today August 05, 2017 03:45 UTC