Transforming lives: UPI, mobile banking, and card payments revolutionize everyday transactions

Digital technology seeps even into rural areas: Transactions worth Rs 13 lakh crore

VAIBHAV PARWAT

Chhatrapati Sambhajinagar: In a remarkable display of the growing popularity of digital transactions, Chhatrapati Sambhajinagar district has recorded an astounding Rs 13 crores worth of digital transactions in the past year. This significant milestone highlights the district's embrace of digital payment methods, leading to a decline in cash-based transactions.

Post-covid rise in payments

The global pandemic has acted as a catalyst in accelerating the adoption of digital transactions. Concerns over the transmission of the virus through physical currency prompted citizens to shift towards digital payment methods. This trend has witnessed a substantial surge in digital transactions, offering convenience and reducing the need for handling cash.

Diverse range of digital payment options:

Digital transactions in the district have been facilitated through various avenues, with Unified Payments Interface (UPI) emerging as a preferred method for daily transactions. Citizens can effortlessly carry out payments ranging from as low as Rs 5 to as high as Rs 1 lakh using these UPI-enabled applications. Furthermore, other digital payment methods such as BHIM, Bharat QR code, and debit/credit cards have also gained considerable traction.

Breakdown of key digital transaction figures:

Debit and credit cards: 1.32 lakh transactions amounting to Rs 65,000 crores.

BHIM Aadhaar: 9.92 lakh transactions totaling Rs 15,600 crores.

UPI: A staggering 14.82 lakh transactions amounting to Rs 1.98 lakh crores.

Bharat QR code: 1,100 transactions worth Rs 135 crores.

Mobile and internet banking: The highest number of transactions, reaching 31.47 crores, resulting in digital payments worth Rs 9.86 lakh crores.

Government's emphasis on digital transactions:

In line with the Central government's emphasis on promoting digital transactions, citizens are encouraged to prioritize digital payment methods. This approach has not only reduced crowding at banks and ATMs but has also expedited financial transactions. The technology has also seeped into the rural area making a positive change, said Shrinivas Kumar, manager, State Bank of India.

Preferred mode for the elderly

The convenience of digital payments is not limited to younger generations, as the elderly are also embracing this technology. With the ease of transactions and the ability to pay from the comfort of their homes, digital payments have become a preferred mode of payment for many older individuals. The availability of user-friendly apps and guidance from family members has also made it easier for the elderly to adopt digital payments.