India reports hundredfold growth in digital payments since 2012
Central bank’s deputy governor says cross-border payments remain expensive and slow, however
Retail digital payments in India grew a hundredfold between 2012 and 2024, according to the country’s central bank.
In its biannual Payment systems report, published on January 27, the Reserve Bank of India said retail digital payments had grown from 1.6 billion rupees to more than 164 billion rupees ($1.9 billion) over the period.
The RBI said the growth had been bolstered by the Unified Payments Interface. In the last five years of the reporting period, digital payments had grown by nearly seven
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