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Digital Payments: Trends, Issues and Opportunities

A Committee on Digital Payments was constituted by Department of Economic Affairs, Ministry of Finance in August 2016 under my Chairmanship to inter-alia recommend medium term measures of promotion of Digital Payments Ecosystem in the country. The Committee submitted its final report to Hon’ble Finance Minister in December 2016. One of the key recommendations of the Committee related to development of a metric for Digital Payments. As a follow-up on this a group of Stakeholders from Different Departments of Government of India and RBI was constituted in NITI Aayog under my chairmanship to facilitate the work relating to development of the metric. This group prepared a document on the measurement issues of Digital Payments. Accordingly, a booklet titled “Digital Payments: Trends, Issues and Challenges” was prepared in May 2017 and was released by me in July 2017