Shaktikanta Das, the Governor of Reserve Bank of India stated in a speech that widespread use of mobile phones, coupled with availability of internet services, have provided thrust to digital payments. This has led to “anytime anywhere” banking which transcends traditional branch banking hours. About 1,050 crore retail digital payment transactions worth Rs 51 lakh crore processed in January 2023 stand as testimony to the size and efficiency of India’s digital payments.
He noted that it is the combined effort of all the PSOs, the Government and the Reserve Bank that has made India a shining star in global payments space. The Reserve Bank acknowledges the efforts put in by each one of the stakeholders for accomplishing this. Going by the theme of this conference (Payments Rendezvous – Reminisce, Revitalise), it is an opportune time to reminisce regarding this journey and identify the challenges and opportunities that lie ahead.
Over the years and guided by key initiatives of the Reserve Bank, the payments landscape in India has evolved into a state-of-the-art system that is affordable, accessible, convenient, fast, safe and secure. India’s payment infrastructure caters to the needs of a diverse group of consumers. It comprises a wide array of payment options for executing large value payments, retail credit transfers, fast payments, cheque clearing, card payments, bulk repetitive payments, bill payments, toll collections, offline payments, etc. In India, there are regarding 114 crore mobile phone connections, with urban and rural share being 55% and 45% respectively.
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First Published: Mar 20 2023 | 12:04 PM IS
