- ‘Payment Vision 2025’ document also talks about ring-fencing of domestic payment systems, including the need to mandate domestic processing of payment transactions.
- In addition to that the main theme of the vision documents is ‘E-Payments for Everyone, Everywhere, Everytime’ (4Es), with an overall objective to provide every user with safe, secure, fast, convenient, accessible, and affordable e-payment options.
- Many initiatives of UPI, RTGS, NEFT and RuPay cards along with bilateral treaties with nations will hugely benefit Indian residents and their counterparties overseas with online realization at lesser costs.
- RBI has also taken measures to further enhance safety and security for rural citizens, where digital and financial literacy are at a very rapid pace.
- As per the RBI, total digital payments have increased by 216% and 10% in terms of volume and value, in March 2022, compared to March 2019.
- India become an undisputed global leader in payments.
- Linking credit cards to UPI is another gamechanger as would the globalization of India’s Central Bank Digital Currencies.
Question:
Q.1 As per recent RBI Data, the digital payments have increased by _______in terms of volume?a. 312%
b. 216%
c. 200%
d. 156%
