RBI panel on digital payments says paper usage, acceptance infra need attention

Mumbai: India needs to make more efforts to decrease the volume of paper clearing and increase acceptance infrastructure to promote digital payments, according to an RBI report.

The report found that India has a strong regulatory system and robust large value and retail payment systems, which have contributed to the rapid growth in the volume of transactions in these payment systems, said the report released Tuesday.

The report on ‘Benchmarking India’s Payment Systems’ which provides a comparative position of the payment system ecosystem in India relative to comparable payment systems and usage trends in other major countries.

India is a “leader” in regulating costs of payments systems, number of debit cards issued and automated teller machines, and oversight by the Central bank, it said.