RBI envisions fourfold growth in digital transactions by 2021

The Reserve Bank of India (RBI) has envisaged four times growth in digital transaction in two years, in the payment system vision document for 2019-2021 released on Wednesday.

Payment Systems Vision 2021, with its 36 specific action points and 12 specific outcomes, aims to achieve a ‘highly digital’ and ‘cash-lite’ society through the goal posts of competition, cost effectiveness, convenience and confidence (4Cs).

The RBI expects accelerated growth in individual retail electronic payment systems, both in terms of number of transactions and increased availability.