New Delhi New Delhi. According to a research paper by economists at the Reserve Bank of India (RBI), digital transactions in India have grown over the past three years to such an extent that the use of cash, which still accounts for 60 per cent of consumer spending (by March 2024), Decreasing rapidly. Pradeep Bhuyan of the Currency Management Department of the Reserve Bank has written in the research paper that the share of digital payments is expected to double from 14-19 percent in March 2021 to 40-48 percent in March 2024, in which Unified Payment Interface (UPI) will play an important role. There is a role. Cash or currency in circulation (CIC) represents the total notes and coins in circulation in the economy, while currency held by the public (CWP) is defined by CIC minus cash with banks, and is approximately 95–97% of CIC. Is a percentage.

According to an RBI research paper, recent years have seen significant growth in retail digital payments (RDP), which is the total digital payments excluding payments through real-time gross settlements. Launched in 2016, UPI has accounted for the largest share in RDP by volume in the last five years. “From 2021-22 to 2023-24 (post-COVID-19 period), the growth in UPI by volume was higher than by value. As a result, the average size of UPI transaction declined from Rs 1,838 in 2020-21 to Rs 1,525 in 2023-24,” the paper said. “The share of P2M (person to merchant) payments in total UPI transactions increased from 16.6 per cent in April 2021 to 26.2 per cent in March 2024,” it said. By volume, the share increased from 45.2 percent to 61.7 percent during the same period.