Digital payments up 55% every yearIn the last four years, the volume of digital payments has grown nearly 55% every year, from 593.6 crore transactions in the year ending March 2016 to 3,434.5 crore in the year to March 2020, according to new data from the RBI.
This is also the period, soon after demonetization of ₹500 and ₹1000 notes, when the Reserve Bank doubled down on its efforts to move to a less-cash-driven economy by pushing digital payments.
In terms of absolute value, it’s grown from ₹920.38 lakh crore in 2016 to ₹1,623.05 lakh crore in 2020, an annual compounded rate of 15.2%, the data shows.
From 2018-19, the value and volume of transactions climbed faster, but in FY2020, the volume spike though the value of transactions.