The Reserve Bank of India (RBI) on Monday said that the volume of retail electronic payments almost doubled in FY16, while card payments grew about 56 per cent in the same period – underlining the regulator’s focus on migrating to a “less-cash” society.
In volume terms, at end-March 2016 the share of electronic transactions in total transactions moved up to 84.4 per cent from 74.6 per cent in the previous year, the central bank noted in its FY16 annual report. Retail electronic clearing, which includes channels like NEFT and IMPS, among others, grew about 86 per cent to 3141.6 million.
Earlier in June this year, the RBI set up a vision for 2018 for the Payment and Settlement Systems in India that saw greater use of electronic payments by all sections of the society. The regulator’s efforts towards making technological progress in this area also resulted in the recent launch of the Unified Payment Interface (UPI) which allows account holders across banks to send and receive money on their smartphones without entering bank account details. FE