Driving digital economies in the Corona era
Mumbai / Correspondent
Digital economies have flourished across the country during the Corona Crisis. The Unified Payment Interface (UPI) is being used extensively for instant banking transactions.
In August, 350 crore UPI transactions were done. This is the highest statistic ever. In July, the figure was 320 crore. According to the National Payments Corporation of India, Rs 6 lakh 30 thousand crore was disbursed through UPI this month. 456 million transactions were made using debit or credit cards in July. Transactions compared to card transactions in June, an increase of 14.5 per cent
The rapid growth in digital transactions has also led to a significant increase in the value of digital payment companies. With a view to growing the business, these companies have launched ‘Buy Now; Pay Latter ', Credit Facilities, Flow Based Credit, Business Loans are increasing calculations to provide additional facilities. These companies are working together to build a central platform for financial services. Private investors have invested billions of dollars in companies like Razor Pay, Phone Pay, Bharat Pay. Paytm, MobiQuick and Pine Labs have taken the lead in raising capital from the public sector.