Congress gives UPI option for Donate For Desh; social media reminds it of opposing its launch in 2016
The Congress party faced social media backlash for using UPI, a payment scheme it opposed in 2016. Users highlighted past statements, including those by P Chidambaram, questioning the party's shift.
FollowThe Congress party recently kickstarted a fundraising campaign -- 'Donate For Desh' -- aimed at garnering resources for the upcoming 2024 Lok Sabha elections. The campaign was primarily online until December 28, the party's foundation day, after which ground campaigns, including door-to-door visits, will commence. Commemorating its 138-year-old history, the party invited supporters to donate multiples of Rs 138 (Rs 138, Rs 1380, Rs 13,800 or more). Logging on to the portal DonateINC dot Net, Congress gives an individual multiple options to make his or her payment. One among them is UPI, and this is backfiring on the Congress big time.
The backlash on social media sought to remind the Grand Old Party of its opposition to the Unified Payments Interface in 2016. Some shared a video dating back to 2017 when Congress leader and former Finance Minister P Chidambaram was heard saying in Parliament, 'I give you the numbers... 80 per cent of all transactions in Germany are cash. You say that the world is going cashless... the world is not going cashless. The world is moving towards cash.”
Social media users were quick to remind the Congress party of the manner in which they were now using the very UPI payment scheme that they once rejected.
India has experienced a remarkable surge in Unified Payments Interface (UPI) transactions, reaching an impressive 8,572 crore by December 11, 2023, signalling a substantial shift towards digital transactions. This surge is part of a broader trend, with UPI transactions escalating from 92 crore in FY 2017-18 to 8,375 crore in FY 2022-23, demonstrating a robust compound annual growth rate (CAGR) of 147% in terms of volume.
Not only has UPI emerged as the dominant force in India's digital payment landscape, constituting 62% of digital payment transactions in FY 2022-23, but it has also witnessed a noteworthy increase in transaction values. Commencing at ₹1 lakh crore in FY 2017-18, the value of UPI transactions has surged to ₹139 lakh crore in FY 2022-23, reflecting an impressive CAGR of 168%.
This extraordinary growth aligns with strategic initiatives undertaken by the government and the Reserve Bank of India (RBI) to encourage digital transactions and foster financial inclusion. These initiatives encompass incentive schemes for RuPay Debit cards and low-value BHIM UPI transactions, advisories aimed at enhancing payment acceptance infrastructure, and the establishment of digital payment targets for banks.
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