Data story: How digital payments in India have evolved over the years

Widespread adoption of digital payments has facilitated rapid, low-cost transactions and easy withdrawals through banking and mobile apps

Reserve Bank of India (RBI) Deputy Governor Swaminathan J recently 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 information technology (IT) systems to handle peak loads effectively. He also underscored that the 24x7 availability of online and mobile banking could increase vulnerabilities, potentially accelerating bank runs and leading to liquidity crises during periods of stress.

In this context, let’s examine how digital payments in India have evolved over the years.