Here is a major positive for the digital payments ecosystem of the country. Provisional digital transactions data released by the Reserve Bank of India showed that October saw the highest ever transaction volume at 965 million, a jump of 10% against 877 million in September.  This is the highest since November last year when the central bank started reporting this number. The previous high was in December at 957.5 million during the height of the cash crunch after high denomination notes were sucked out of circulation on November 8 forcing people to use digital payments.

Unified Payments Interface (UPI), which grew 150% against last month, contributed the most to the increase in digital transactions. Peer to peer payments is the largest segment among UPIs but we do see merchant transactions picking up as well,” while there is a definite trend of growth in digital payments with more people adopting it, entry of global brands “If the volume of transactions is growing, it shows that people are developing the habit of making payments digitally. Obviously, it was also helped by October being a festive season where many merchants ran attractive discount offers,

Even as Indian Prime Minister has been making history in his maiden visit to Israel, the country’s investor startup ecosystem is not far behind. The Indian and Israeli governments have announced an Israel- India technology fund to boost digital technology and business between the 2 countries. The Israel India Innovation Initiative Fund, or I4F will have a corpus of $40 million across a 5 year period with each government investing $4 million in the fund per year.

Israeli companies excel in providing cutting edge technologies and enhance R&D services. Companies in India can benefit from the advanced Israel technology. Relevant companies, interested to learn more on potential collaboration are invited to contact the Economic and Trade Department at the Israeli Consulate General in Bengaluru.

For further queries, contact:  Kavitha Saravanan,
Trade Officer, Consulate General of the State of Israel, Bangalore,