INSUBCONTINENT EXCLUSIVE:
customer (eKYC) resulted in an exponential growth of such payments in the country, according to a new report by the Reserve Bank of
India.Transactions in which both the payer and the payee use digital modes to send and receive money are referred to as digital or
in the last four years, said the report titled "Benchmarking India's Payment Systems".The growth in 2018-19 was largely due to the steep
from e-Money to the Unified Payments Interface (UPI) to a combination of the two
After demonetisation, the use of e-Money picked up on a very large scale," the findings showed.The digital landscape changed with higher
usage of e-Money, UPI, Aadhaar Payments Bridge System (APBS), RuPay, and Bharat Bill Payment System (BBPS), among others.With 3,459 million
e-Money transactions, India was only behind Japan and the US (data on China not available) in 2017 with respect to volume of e-Money
transactions, the report said.The study revealed that over the years, the number of debit and credit cards also increased considerably in
India.India had 331.60 million and 19.55 million debit and credit cards respectively at the end of 2012
issued were 925 million and 47 million, respectively.However, the study showed that the cost of digital transactions was a factor inhibiting
such a regulation promotes the growth of digital payments
With banks pushing and merchants pulling, it isn't clear if such caps will discourage the use of cash," the report added.Pointing to a major
area for improvement, the study showed that only three per cent of the population in India used the Internet to pay utility bills in
Brazil, Canada, China, France, Germany, Britain and the US.
