Shaktikanta Das: Har payment digital
Address by Mr Shaktikanta Das, Governor of the Reserve Bank of India, at the Digital
Payments Awareness Week (March 6-12, 2023) Launch of Mission "Har Payment
Digital", Mumbai, 6 March 2023.
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1. The Launching of Mission 'Har Payment Digital' today during the Digital Payments
Awareness Week (DPAW) 2023 reinforces RBI's commitment to deepen digital
payments in the country.
2. I am happy to note that the Department of Payment and Settlement Systems (DPSS)
of the RBI is celebrating its 18th anniversary (it was formed on March 7, 2005).
Congratulations to team DPSS on this milestone. Over the years our payment systems
have evolved and now we have multiple systems available round the clock facilitating
instant payments. India's payment systems are talked about globally and several
countries have shown interest to replicate India's success story.
3. It is a matter of pride that payment systems in India have witnessed over 1000 crore
transactions every month since December 2022. This speaks volumes of the
robustness of our payments ecosystem and acceptance by consumers. A recent
panIndia digital payments survey (covering 90,000 respondents) revealed that 42% of
respondents have used digital payments.
4. Launched in 2016, UPI has emerged as the most popular and preferred payment
mode in India pioneering Person to Person (P2P) as well as Person to Merchant (P2M)
transactions in India accounting for 75% of the total digital payments. The volume of
UPI transactions has increased multifold from 0.45 crore in January 2017 to 804 crore
in January 2023. The value of UPI transactions has increased from just 1,700 crore to
12.98 lakh crore during the same period. The Digital Payments Awareness Week
(DPAW) will further deepen the usage and footprint of digital payments across the
country.
5. The payments ecosystem has variety of payment systems that have facilitated
migration to digital. Unified Payments Interface (UPI) has facilitated digital payments to
merchants such as retail outlets, kirana stores, street vendors, etc. across the country.
Bharat Bill Payment System (BBPS) has ensured migration of bill payments from cash /
cheques to digital mode with a hassle-free and streamlined digital bill payment
experience. 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 National Automated Clearing House (NACH)
system has also facilitated Government Direct Benefit Transfers (DBT) payments
digitally and eliminating leakages in the system. The smooth release of DBT benefits by
the Prime Minister to 8.34 crore farmers under the PM-KISAN Scheme is a testimony to
the reliance and deliverability of our payment systems.
6. We have taken steps for internationalisation of our payment systems and cross
border linkage of fast payment systems of India and Singapore i.e. UPI-PayNow. This
linkage is in addition to the QR code based and UPI enabled P2M payments already
happening in Bhutan, Singapore and UAE. Recently, we also enabled the visitors from
G20 counties to be onboarded to UPI without having a bank account in India. Through
this initiative, the G20 delegates had a first-hand experience of making merchant
payments seamlessly through the UPI, during their stay in India.
7. The mission "Har Payment Digital" is aimed at reinforcing the ease and convenience
of digital payments and facilitate onboarding of new consumers into the digital fold.
Various campaigns highlighting the digital payment channels available are being
planned by the banks and non-bank payment system operators. This will further
encourage and support the adoption of digital payments in the country. I am also happy
to note that our Regional Offices will be taking up Jan Bhagidari activities to promote
the acceptance and use of digital payments under the G20 theme of promoting digital
public infrastructure during Indian presidency.
8. The message of "Digital Payment Apnao, Auron ko bhi Sikhao" - "Adopt digital
payments and Also teach others" - under the mission Har Payment Digital - is very
relevant and expected to create greater awareness and usage among the people.
9. Once consumers are onboarded to the digital payments' ecosystem, its advantages -
availability, convenience, speed and safety - would ensure customer satisfaction and
lead to furthering digital payments. The message is in sync with the Payments Vision
2025 of the RBI, i.e. "E-Payments for Everyone, Everywhere, Everytime". Significantly,
inclusion has been identified as one of the anchors under the vision and various
activities proposed now will help facilitate the same.
10. We have also decided to initiate a 75 Digital Villages programme through adoption
of 75 villages and involvement of village level entrepreneurs. Under this programme
and in observance of 75 years of independence, PSOs will adopt 75 villages across the
country and convert them into digital payment enabled villages. They will conduct two
camps in each of these villages to enhance awareness and onboard merchants in the
village for digital payments.
11. I appeal to all the stakeholders like industry, payment system operators, media,
digital payment users, and others to teach non-users about the merits of digital
payments and fulfil the mission of "Har Payment Digital" with every person in the
country becoming a digital payments user.