Indian Banking Sector Check - Digital Domination Vying For Excellence: Systematix
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Systematix Research Report
India’s digital payments ecosystem has undergone a huge transformation with events like demonetisation and the Covid-19 pandemic necessitating a more efficient, user-friendly and cost-effective interface.
Payment transaction volumes have increased over the years, but ticket sizes have become smaller and more granular with a spurt in unified payments interface volumes.
The Reserve Bank of India’s digital payment index almost tripled to 271 in FY21 from the base year of FY18.
High-frequency imprints of payment transactions density act as a precursor to economic activities. Total payment value and gross value added trajectories traverse in tandem with a correlation coefficient of 0.82 times.
Incumbent banks have developed agile, customer-centric digital strategies to take their services to the next level.
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