Despite operational risks, data shows digital payments cruising ahead

Recently, Reserve Bank of India's (RBI's) Deputy Governor Swaminathan J highlighted that while widespread adoption of digital payments had facilitated rapid, low-cost transactions and easy withdrawals through banking and mobile apps, it had also heightened risks to operational stability, requiring continuous investments in IT systems and technology to handle peak loads effectively. The RBI also underscored that the 24/7 availability of online and mobile banking can increase vulnerabilities, potentially accelerating bank runs and liquidity crises during periods of stress. In this context, Business Standard takes a look at how digital payments in India have evolved over the years.