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  • Published
    17th Jan, 2023

Context:

  • The Union Cabinet’s recent decision to earmark Rs 2,600 crore for providing banks to promote digital payments a welcome step towards broadening the alternatives to cash based payments India, but needs a regulated system for scrutiny as well.

The data for online transactions:

  • Digital payments ensure inclusive growth: India’s ‘Payments Vision 2025’ document observes that Digital payment systems foster economic development and financial stability while supporting financial inclusion. 
  • Drop in low-value transactions by cash: The rapid and widespread adoption of digital payment methods, coupled with steps to bring more people into the banking system’s fold, thus making more digital payment options.
  • Increase in better management of payments: As the Unified payment interface (UPI) has made things easier; the total monthly volume of UPI-facilitated transactions aggregated almost 71% jump in volume and a 55% increase in value from a year earlier.
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