Digital payments have taken off in a big way in India over the last five years, an SBI report said. The country needs regulatory infrastructure to support the digital revolution.
UPI a favourite
As many as 3.5 billion transactions worth Rs 6.3 trillion were recorded through UPI in October. The UPI transactions have jumped 69 times since 2017, the report said. At the same time, debit card transactions have got stagnated
New technologies will emerge
The future will evolve increasingly towards the use of data through Artificial Intelligence. Efforts to formalise the economy are bearing major fruits in terms of currency to GDP ratio, it said.
