More prefer credit cards for high-value offline & online payments, particularly discretionary spends; more use UPI over cash for food & groceries, school/college fee, clothes & footwear, says a report
IPPB service helps users withdraw cash from any Aadhaar-linked bank accounts via NPCI’s AEPS system
Paytm report shows widespread adoption of Paytm-pioneered QR codes and exemplifies it by saying that if all the Paytm QR codes used this year were stacked up, it would be taller than 40 Qutub Minars
Digital transaction target for FY24 remains 18,000, of which 10,998 crore worth transactions have already been achieved, amounting to ₹2,290 lakh cr
Dip attributed to changing payment system, including the emergence of UPI, wallets & QR code, which has made it simple and cheaper to transfer money digitally
UPI transaction value increased from ₹8.3 lakh crore in January 2022 to ₹14.7 lakh crore in June 2023.
New offerings like Credit Line on UPI, UPI LITE X and Tap & Pay, and Conversational Payments aimed at redefining payments ecosystem in India
"Empirical data we are generating to go a long way in shaping policies and future course of action," says RBI Governor Shaktikanta Das
UPI transactions see 61% year-on-year growth in volume terms, while 47% YoY growth in terms of the transaction amount
RBI says the DPI index has "increased across all parameters", driven by significant growth in payment infrastructure & performance
