Regulation of Payment Systems in India

In December 2024, the Reserve Bank of India (RBI) released the ‘Payment System Report, December 2024’, a bi-annual analysis covering payment trends over the last five calendar years (up to CY-2024).

  • The report highlights a 94-fold increase in digital payment transactions since 2013, with the transaction value growing 3.5 times.
  • Unified Payments Interface (UPI) has been the primary driver, recording a CAGR of 74.03% in volume and 68.14% in value over the last five years. While credit card issuance has more than doubled, debit card usage has remained stable.

Global Integration through ‘Project Nexus’

  • India has joined Project Nexus, a Bank ....
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