Digital Rath to pace up India's journey for cashless payments
New Delhi : Union Minister Smriti Irani on Wednesday flagged off 'Digital Rath' as a part of an initiative to accelerate India's journey for cashless payments.
The 'Digital Rath' aims at reaching nearly 10 lakh merchants by December 31 and make them aware about the benefits of using digital payment platform. It will also suggest them ways to expand their businesses.
The 'Digital Rath' was flagged off on the occasion of first anniversary of demonetisation drive launched by Prime Minister Narendra Modi.
"According to industry estimates, in the last one year alone, mobile transactions volumes have increased 218 per cent, debit card transactions have risen 103 per cent. 57 banks across the country have gone live on the UPI platform.
"Transactions through the UPI were 3.8 million in April and reached 77 million in October. The sharp increase in volumes in itself is indicative how our citizens and trading community have proactively embraced digital transactions. The Digital Rath will reach every nook and corner of the country,” said the minister.