Even after demonetisation, cash still the king; but, digital payments gain ground too© business-standard.com

Even after demonetisation, cash still the king; but, digital payments gain ground too

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Mumbai: With 'cash is king, but digital is divine' motto, the Reserve Bank on Monday said its endeavour will be to make digital payments a divine experience for the users after being buoyed by over Rs 3.5 lakh crore reduction in the notes in circulation (NIC) post demonetisation.

In its assessment of the progress of digitisation from cash to electronic, the RBI said while there is no accurate measure of cash payments in the country, the progress of various digital payments can be measured accurately.

Overall, the digital payments in the country have witnessed a growth (CAGR) of 61 percent and 19 percent in terms of volume and value, respectively over the past five years, demonstrating a steep shift towards digital payments.