FM: e-transactions saw huge jump in Jan-Aug

India witnessed exponential growth in digital payment with 3.5 billion transactions worth ₹6 lakh crore between January and August, finance minister Nirmala Sitharaman said.

“In 2019, we clocked about ₹2 lakh crore in digital payments and ₹4 lakh crore in 2020,” she said at the Global Fintech Fest hosted by the Internet and Mobile Association of India.

Every section of the population, including households, small and medium manufacturers, and industry, benefited from technology, she said.

“Fintech startups today are fine tuning this whole business and updating this with futuristic technologies. India is a fintech hub—a combination of users who are ready to happily adopt, technology innovators ready to innovate, and a government encouraging the use of digital payments,” she said.