New Delhi: Notwithstanding the Covid-19 pandemic, the rate of growth of payments transactions has seen a 53% increase in volume terms and 28% rise in value terms over the past 12 months, P Vasudevan, Chief General Manager, Payment and Settlement Systems, Reserve Bank of India (RBI) had said during his valedictory session at the Digital Money Conference, organised by the Payments Council of India.
The CAGR for the last five years is 42% in volume terms, so the last 12 months have seen much more growth as compared to the last five years. “Today, we process 21.79 crore payments transactions on a daily basis. It is heartening to recollect that in December last year the RTGS was made operational 24x7x365. Till date, many initiatives have been undertaken to capitalise on this.
The payment systems like NACH, Bharat Bill Payment were enabled to settle on weekends. The number of settlements in a week has increased by 200, thereby bringing down the credit and settlement risks in the ecosystem.”
About 2500 delegates attended the two-event that got concluded on 2 December. It saw about 30 sessions and over 100 speakers from across the globe. The event, with the central theme ‘Innovation to Scale’, discussed how innovation enables payments stakeholders to organically scale up the digital payments while ensuring that existing operations perform consistently and sustainably.
PIDF Scheme – Providing fillip to the dream of less cash India; Regulatory Sandbox – Assessment of learnings so far and the journey ahead were some of the important topics of discussion.
Along with PCI, the event was organised by Lyra, powered by PhonePe, and brought to you by WhatsApp. Eazebuzz also partnered for the event as the digital collections partner.
