As per RBI, Digital transactions will rise four times by 2021

The Reserve Bank of India (RBI) in its report “Payment and Settlement: The Plumbing in the Architecture of India’s Financial System” stated that, the digital transactions till March 2019 witnessed tremendous growth and they will rise by four times from Rs 2,069 crore in December 2018 to Rs 8,707 crore in December 2021.
Digital transactions will rise four times by 2021Key Points:
i. RBI Report stated that in 2018-19, total digital transactions in volume terms recorded a growth rate of 58.8%. In 2017-18, growth was 50.4%.
ii. Digital transactions in value terms grew by 19.5% during 2018-19. In 2017-18, it was 22.2%.
iii. 82.8% of digital transactions were accounted by Real Time Gross Settlement (RTGS) transactions. Retail component of digital transactions excluding RTGS customers and interbank transactions accounted for a volume growth of 59.3% in 2018-19 against 50.8% growth in 2017-18.
iv. RBI expects volume of cheque-based payments to be less than 2% of the retail electronic transactions by 2021.
v. Volumes under Unified Payments Interface (UPI) registered the highest growth at 799.5 million in March 2019, 4.5 times the volume in March 2018.
vi. The volume of cards in point-of-sale (PoS) transactions rose 30.1% during 2018-19 and in value terms, by 30.2%. During 2018-19, debit cards grew by 19.5% and 16.3% in volume and value terms and credit cards rose at 25.4% and 31.4% in volume and value respectively.