Digital Payments India V/s Rest of World
By MYBRANDBOOK
Amit Jaokar
CISO & CDO
NKGSB Bank
It has been a thrilling and fantastic journey the way RBI has been driving a successful digital payment system that is able to reach the common man. Over the last three years, UPI has seen multi fold growth as scaled as nine times in transaction volume. From about five billion transactions in FY19 to around 60 billion in FY22 and hence, accounting for more than 60% of non-cash transaction volumes in FY22.
Among the 56 countries using digital transactions currently, India ranks at the highest position with over 60 billion real-time online payments in 2021. Thus, leaving China and the United States far behind.
Growth contributed in Digital Payment
In the past couple of years, customers’ acceptance of digital ways of payments has increased, particularly since the demonetization happened in November 2016. The further rise in the trend surfaced because of the COVID-19 pandemic which forced people to stay indoors. Therefore, leaving the digital form of transactions as the most efficient way of making purchases.
What’s UPI in nutshell- (Unified Payments Interface)
With a rise in digital payments, UPI has become the most dependable and widely used method for online transactions. Joining hands with multiple banking services, UPI allows for a smoother fund routing for merchant payments. Users can complete the transactions from their mobile phones using various applications of their choice. UPI has indeed moved India’s transition away from cash payments, especially in person-to-person (P2P) fund transfers and low-value merchant (P2M) payments.
The Future of Digital Payment
As per the latest update, the RBI is presenting a new way of allowing the use of credit cards for UPI payments. The step will add more choices for customers’ preferences and strengthen a cashless economy even further. This move is certain to encourage users to use UPI for payments and will also provide the liberty to enjoy short-term credit, offered by credit cards. With the introduction of credit cards to UPI, customers will have a more balanced choice of payment methods. It will improve India’s digital payment footprint, and strengthen merchant partnerships with card networks.
Challenges in Digital Payment Adoption
The industry is still growing, considering its rapid expansion. To fully realize the potential of digital payments, several structural and technological difficulties must be solved. Including cyber-frauds, transaction costs, communication infrastructure, awareness, and adoption.
The Conclusion
UPI has been a boon to Indian customers. It has made financial transactions a lot easier with a payment facility available 24*7 resulting in higher digital transactions in India. Because it only needs a virtual payment address (VPA) to complete the payment, it has eliminated the need to enter the bank details or other sensitive information each time when a customer initiates a transaction. Thus, making it a convenient and faster option for digital payments.
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