The increased pace of digitization is also pushing for savings habit among the people, which in further pushing financial inclusion in India
Of late, Praveena Raj, Chief Operating Officer (COO), National Payments Corporation of India has stated that due to regulatory policies and framework of RBI and the government, the momentum of digitization has escalated to a larger extent. The COO has also highlighted that amidst the pandemic, the pace of digitization has also augmented in the country.
At a seminar organized by XLRI, the umbrella body for retail settlement and payments has mentioned that digitization has now cut across all sections of the society. Rai said, “Digitisation has revolutionized every single aspect of life and onboarding has risen substantially. There has been gradual migration from cash to digital payments both offline and online.”
According to the COO, because of offering reward programs to customers, there has been a huge increase in digital payments engagement. Hence, now merchants, consumers, and people are liking to go complete digital, while also adding that there has also been a huge escalation UPI driven payments by acceptance of QR.
During the seminar, Rai also said the complaint and resolutions have carefully solved by utilizing chatbots, and AI. But, there is a slump in UPI adoption during the lockdown, adding that revival has taken place since, reported exclusively by PTI.