Though the volume of digital transactions has risen, the increase hasn’t been able to offset the predominance of cash. The RBI’s Payment Vision Report 2021, however, projects a fourfold increase in the number of digital transactions to 87 billion by December 2021. It is evident that quick, affordable, convenient and secure systems are needed so that digital adoption is speeded up. Lowering transaction costs is the main thrust. On the whole, transaction costs, convenience and safety need to find an optimal balance before cash can turn redundant.

Source: Mint June 04, 2019 12:11 UTC