Digital payments grows at 55% over past five years, Reveals RBI data
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The government’s drive towards cashless economy bore fruit as digital payments across India increased at a compound annual growth rate (CAGR) of 55.1% over the past five years, that is between the financial years 2015-16 and 2019-20, the Reserve Bank of India data has revealed. During this period, its value has grown from INR 920.38 lakh Cr to INR 1,623.05 lakh Cr, clipping at an annual compounded rate of 15.2%.