RBI Digital Banking
PM Modi’s Digital India mission is flying high all over the world. In today’s time, UPI payments are not only being made by the people of India, but it is also being used abroad. Due to increasing popularity, record growth has been seen in online payments. RBI has said in its recent report that digital payments across the country have registered an annual growth of 12.6 percent till March 31, 2024. RBI’s index, which measures the adoption of online transactions, showed that it stood at 445.5 million at the end of March 2024, while it was 418.77 million in September 2023 and 395.57 million in March 2023.
The report prepared on the basis of this index
The Reserve Bank of India (RBI) said in a statement that the RBI-DPI index has increased on all parameters. This is due to the tremendous growth seen in payment performance and payment infrastructure across the country. The Reserve Bank had announced the preparation of a Reserve Bank of India-Digital Payment Index (RBI-DPI) to find out the extent of digital payments across the country. March 2018 was taken as the base for this.
Many experts estimate that by the year 2025, India will increase its share in the digital transactions done all over the world to 71.7 percent. Most of the digital transactions done so far have been done through UPI (Unified Payment Interface), which was launched by the Modi government in the year 2016.
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What does this report say?
Digital payments are growing rapidly, retail digital payments in India are expected to double from the current level to $7,000 billion by 2030. Kearney and Amazon Pay have said this in a study. In the report How Urban Indians Pay, Kearney and Amazon Pay said that the strong adoption of digital payments in online purchases is likely to bring about a permanent change in consumer behavior, which will also promote offline purchases. 90 percent of the people surveyed preferred digital payments when shopping online, but affluent consumers were ahead with the highest digital payment usage (DDPU). Such consumers use various methods of digital payment for 80 percent of their transactions.
