Migration from cash-based economy to digital is a work in progress: RBI

Still a long road ahead, especially across Tier III-VI) and societal cross-sections (senior citizens, migrant workers), apex bank in booklet on Payment Systems

While a lot has been done in the payments space in the last decade and notwithstanding the fact that demonetisation and the covid-19 pandemic have accelerated the adoption of digital payments in the country, the Reserve Bank of India (RBI) has said that the migration of the country from a predominantly cash based economy to a digital economy is a ‘work in progress’.

From 4.98 billion transactions with a value of Rs 96 trillion handled during FY 2010-11, digital payments have grown to 16.23 billion transactions with a value of Rs 3,435 trillion in the FY 2019-20. This represents a