RBI Digital Banking
Prime Minister Modi’s Digital India Mission is raising its flag across the world. Today, UPI payment is being made not only by the people of India but is also being used in foreign countries. Due to the growing popularity, a record rise in online payments has been witnessed. The RBI said in its recent report that a 12.6 per cent annual growth in digital payments was recorded across the country till March 31, 2024. The RBI’s index measuring the adoption of online transactions showed that it stood at 445.5 million at the end of March 2024, compared to 418.77 million in September 2023 and 395.57 million in March 2023.
Report prepared based on this index
The Reserve Bank of India (RBI) said in a statement that the RBI-DPI index has increased by all standards. This is because a huge growth has been seen in payment performance and payment infrastructure across the country. The Reserve Bank had announced the preparation of a Reserve Bank of India Digital Payments Index (RBI-DPI) to determine the extent of digital payments across the country. The basis for it was created in March 2018.
Many experts estimate that by 2025, India will increase its share of digital transactions worldwide to 71.7 percent. Most of the digital transactions that have taken place so far have been done through UPI (Unified Payment Interface), which was launched by the Modi government in 2016.
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What does this report say?
Digital payments are growing rapidly, with retail digital payments in India expected to double from the current level to reach $7 trillion by 2030. Kearney and Amazon Pay have said this in one of their studies. In the report How Urban Indians Pay, Kearney and Amazon Pay said that strong adoption of digital payments in online shopping is likely to lead to permanent changes in consumer behavior, which will also boost offline shopping. 90 percent of the people surveyed preferred digital payments while shopping online, but affluent consumers were in the lead with the highest usage of digital payments (DDPU). These consumers use various digital payment methods for 80 percent of their transactions.
