January 29, 2021 3:11:08 am
Digital payments have registered a rapid growth and registered a 43 per cent compounded annual growth rate (CAGR) in the last ten years, according to the Reserve Bank of India (RBI).
From 498 crore transactions with a value of Rs 96 lakh crore handled during FY 2010-11, digital payments have grown to 1623 crore transactions with a value of Rs 3,435 lakh crore in FY20. This represents a CAGR of 12.54 per cent and 43.01 per cent in terms of volume and value, respectively, the RBI said. “The acceptance and growth of digital payments has been exponential over the years..
According to the RBI, within the digital payments, retail electronic payments comprising credit transfers — NEFT, fast payments (IMPS and UPI) — and direct debits (ECS, NACH) have shown a rapid growth over the past ten years at a CAGR of 55 per cent and 43 per cent in terms of volume and value, respectively.
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