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RBI's decision to allow UPI for cash deposits at ATMs may render debit cards irrelevant as mobile payments surge. Debit card usage has stagnated, while mobile payments have more than doubled in the last three years, according to RBI data.
AePS has emerged as one of the most popular payment systems, especially in rural areas in the last few years. At present, 35 commercial banks, 40 rural banks, and 52 cooperative banks offer an Aadhaar-enabled payment system, according to the NPCI website. However, the system has been plagued by issues such as lack of infrastructure and security risks. Currently, there is no two-factor authentication on the Aadhaar-enabled payment system.
RBI Governor Shaktikanta Das said in his monetary policy speech that the Central Bank Digital Currency would be pre-programmed for specific use cases. Moneycontrol spoke with experts to glean insights into how this would work
The digital currency is primed for launch, with the pilot project under way. On July 11, 2023, RBI Deputy Governor T. Rabi Sankar in his speech at Moneycontrol Startup Conclave touched upon the possibilities that can bring innovation and efficiency in CBDC.