Why is it in the news?
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As per the RBI data, total digital transactions in volume terms recorded a growth rate of 58.8% during 2018-19.
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It was 50.4% during 2017-18.
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RBI Findings:
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Digital transactions in value terms grew by 19.5% during 2018-19, compared to the growth of 22.2% during 2017-18.
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Retail component of digital transactions witnessed a volume growth of 59.3% during 2018-19.
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The volume of cheque-based payments would be less than 2.0 per cent of the retail electronic transactions by 2021.
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Payment systems like the UPI are likely to register average annualised growth of over 100% and NEFT at 40% over the vision period.
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The number of digital transactions is expected to increase more than four times from Rs 2,069 crore in December 2018 to Rs 8,707 crore in December 2021.
Source
Indian Express.