Also, tier II and III cities contributed to 54 per cent of digital transactions in 2020, demonstrating a 92 per cent growth in just one year, the report said.
Total number of start-ups in the first cohort is now six with two firms having joined the club in November.
That the efforts towards digitization have been very successful is clear from the steady fall in the share of paper clearing.
To encourage digital transactions and move towards a less-cash economy, the government inserted a new provision, Section 269SU, in the Finance Act, 2019.
In a 41-page order, the Competition Commission of India (CCI) said there was no violation of Section 4 of the Competition Act.
This partnership will also enable PhonePe to offer their services to millions of customers on the Ola platform.
During the 101 days of lockdown, March 24-July 2, the online education sector grew by 23 per cent as extended lockdown has led to a rise in demand for online courses
According to the survey, 20 per cent of the kirana store owners across metros and non-metros have started leveraging online platforms.
Businesses are now required to pay 1 per cent merchant discount rate for transferring payment received on Paytm wallet to their bank account.
CLSA said that digital payments in India are surging in the ongoing Covid-19-led lockdowns. Already these had jumped three-fold over the last two years to 3 billion transactions a month.
Post coronavirus crisis, 78 per cent of Indian consumers said they will prefer to increase usage of digital payments going ahead.
E-commerce platforms, especially the ones delivering groceries have also seen a massive spike in orders for essential goods in the last three weeks with some reporting five times demand.
Forget avarice, your hardearned money is sufficient to make you ill.
The company also claimed high success rates for transactions, especially for RuPay cards and the Unified Payments Interface (UPI).
Digital payments major Paytm is ‘persuading’ its customers to provide Aadhaar as proof for Know Your Customer authentication, allege several customers of the app who spoke to Express.