Simpler Payments
In a bold move to revolutionise its digital payments ecosystem, the Reserve Bank of India (RBI) has set its sights on launching an interoperable payment system for internet banking in 2024.
In a bold move to revolutionise its digital payments ecosystem, the Reserve Bank of India (RBI) has set its sights on launching an interoperable payment system for internet banking in 2024.
The withdrawal of Rs 2,000 banknotes is likely to be a non-event as India has adopted digital payments on a mass scale, said SBI Research in its latest Ecowrap.
PM Modi said that this year's 'Civil Service Day' is very important as it is a time when the country has completed 75 years of its independence.
Similarly, replying to a Pravasi Bharatiya's tweet on the adoption of digital payments in India, the prime minister tweeted: "It is a common sight across India…our people have shown remarkable dexterity in adapting to tech and innovation."
The rapid expansion of digital infrastructure for over a decade, including the introduction of Aadhaar, and accelerated consumer adoption during the ongoing Covid pandemic had the country reaping benefits on the retail business side.
The applications of fintech are not only about digital payments but also feature a lot of other initiatives such as wealth technology, for instance, he noted.
The number of transactions during the month was recorded at 999 million worth Rs 1.51 lakh crore.
The digital revolution creates an illusion of development but real development can take place only through primary activities like promoting agriculture and industries.
Google Pay said that the company had spent around 67 million on monthly active users with an annual gross transaction run-rate of $110 billion.
A KPMG report said that the mobile payment revolution in the country has led to a boom in the number of merchants adopting digital payments with close to 1.5 million digital payment acceptance locations in 2016-17.