Understanding India’s Digital Payment Ecosystem : Report by Watal Committee

Key insights from the report on India’s digital payment ecosystem:

1. India is a cash heavy economy, with almost 78% of all consumer payments being effected in cash.
2. For a total investment of about INR 60,000 crores over 5 years towards creating a digital payments ecosystem, India could reduce its cost of cash from the present levels of 1.7% to 1.3% of GDP.
3. RBI operates two of the largest payment systems.
4 10 banks own 75% of NPCI (rest by 46 banks).
5. No. of credit cards as of Aug 2016 : 26.37 million.
6. No. of debit cards as of Aug 2016 : 712.46 million.
7. 330 million Aadhar numbers linked to bank accounts

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