UPI App BHIM. (Saumya Khandelwal/Hindustan Times via Getty Images)Expressing confidence over the rising trend of internet-based payments, the Reserve Bank of India foresees a four-fold growth in digital transactions in the next two years, reports The Hindu.
The Payment System Vision document for 2019-2021, with 36 specific action points and 12 particular outcomes, is aimed at achieving a splurge in digital transactions, making way for a cash-lite society. The 4Cs, namely competition, cost-effectiveness, convenience and confidence are set as goal posts in this regard.
The payment interfaces like UPI and IMPS are supposed to record over 100 per cent growth rate and NEFT at 40 per cent over the vision period. RBI is expecting good growth in individual retail electronic payment systems both in terms of transactions and availability.
Increase in debit card transactions at point-of-sale terminals during the vision period is expected to induce a 35 per cent growth rate in the use of digital modes of payments while purchasing goods and services.
All these shall take the digital transactions in a four-fold growth trajectory from Rs 2,069 crores in December 2018 to Rs 8,707 crores in December 2021.
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