1. The number of payments made using digital methods increased by 57.8% in 2022 - 23. This is the second consecutive year that digital payments have grown by more than 50%.
2. The growth in digital payments was driven by factors such as the increasing popularity of mobile wallets and UPI (Unified Payments Interface).
3. The share of digital transactions in the total volume of non-cash retail payments increased to 99.6% in 2022 - 23.
4. The government promoted digital payments through initiatives like the 2016 demonetization and the launch of UPI.
5. The value of digital payments also increased in 2022 - 23, but at a higher pace than the number of transactions. The value of digital payments decreased by 7.2% in 2022 - 23.
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