Digital payments double in 3 years, cash transactions fall: RBI report

As of March 2024, cash still accounts for 60 per cent of consumer expenditure. But its share is rapidly declining, accelerated by the post-Covid shift to digital payments, according to a study by a Reserve Bank of India (RBI) economist reported by The Economic Times. The share of digital payments more than doubled from 14-19 per cent in March 2021 to 40-48 per cent in March 2024, the study revealed.