Reserve Bank Of India governor Shaktikanta Das said payments through UPI (unified payment interface) have grown exponentially in the past 12 months with daily transactions crossing 36 crore, which is up 50 per cent from 24 crore in February 2022.
While the UPI has facilitated digital payments to retail outlets, kiranas, street vendors etc, the Bharat bill payment system (BBPS) has ensured Migration of bill payments from cash/cheques to digital mode and the national electronic toll collection (NETC) system has helped in migration of the toll payments to digital mode with enhancing efficiency in terms of reduced waiting time at toll plazas, the governor said.
The national automated clearing house (NACH) system has also facilitated direct benefit transfers (DBT) payments digitally and eliminated leakages in the system.