Reaction on RBI – Digital Payment Index | PayNearby, a leading tech-led startup & largest branchless banking network of India and Sarvatra Technologies, India’s leading technology enabler to 100+ banks

Anand Kumar, Mandar Agashe

The newly constituted RBI’s digital payment index (RBI-DPI) reported a 40% year on year jump as of September 2021, as per the RBI’s latest data of digital payments. 

  1. Sarvatra Technologies ltd., India’s leading technology enabler to 100+ banks
  2. PayNearby, India’s leading branchless banking and digital payments

Mr. Mandar Agashe, Vice-Chairman & MD, Sarvatra Technologies ltd. 

Indian government created various platforms to help Indian citizens to transact digitally. As the payment methods were fast and convenient, Indian customers adopted them in a very big way which resulted in the acceleration of digital payments. The recent statistics from the RBI show that the Indian government’s efforts to promote the adoption of digital payment methods across the country are paying off. Large commercial banks, small finance banks, cooperative banks, and new-age fintech companies in semi-urban and rural areas have contributed significantly to expanding the reach of digital payments. With banks and several FinTech startups developing novel tech solutions to address citizens’ financial problems, this growth has been relatively balanced. Penetration of micro-ATMs, AePS, and PoS in rural India, constituting 65% of the country’s population, has also played a crucial role in driving digital payments. We expect the government will continue to take positive measures to deepen the penetration of digital payment methods such as micro-ATM, UPI, AePS, and others, bringing the dream of a ‘Digital India’ closer. Additionally, innovative payment methods such as offline payment, tap, and pay, etc., are set for implementation is helping India outpace the global markets in digital transactions.”

Anand Kumar Bajaj, Founder, MD & CEO, PayNearby

“Today, digital payments market is significantly robust. The effect has been seen throughout the pandemic. While the lockdown restrictions during the first wave initiated the masses to transact via digital platforms, the second wave demonstrated the impact of behavioural shift among those who embraced contactless payments such as Tap-n-Pay, UPI/QR, Cards etc. With the big and small traders actively accepting digital payments, it has propelled the growth of digital transactions in the country. Now, consumers seek convenience in paying digitally even for small-value transactions such as vegetable, snacks and groceries, resulting in a sharp rise in offline merchant payment with QR/wallet/Cards.

Furthermore, the joint initiatives of the government and regulator have also contributed to the fast displacement of cash transactions in favour of digital. Way forward with Committee on Deepening of Digital Payments (CDDP), Reserve Bank Innovation Hub (RBIH), and Regulatory Sandbox (RS), FinTech Department have a more promising future. With the economy opening up and improved consumer sentiments, we expect the growth momentum to build hereon.

At PayNearby, our focus is to make digital payments form-factor agnostic and be readily available at every corner store in Bharat so that no citizen remains underserved. We hope to bring a financially underserved and digitally-oblivious population into the mainstream. We are honoured to be partnering with Bharat in this incredible digital growth story. Zidd aage badhne ki!”