Current Affairs · RBI Payment System Report and Digital Payments Trends

Case Study: A regulatory analyst at an international financial consortium is preparing a comprehensive brief on India's financial technology landscape. The brief focuses on the evolutionary trajectory of the country's digital payment ecosystem as documented in the RBI Payment System Report, December 2024. The analyst evaluates the macroeconomic shift towards cashless systems, examining volume metrics, value multipliers, and the distinct performance of specific payment channels such as UPI, RTGS, and NEFT. Consider the following statements extracted from the analyst's draft regarding the ecosystem's growth from CY-2013 to CY-2024: 1. Digital payment volumes expanded by 94 times, while the corresponding transaction values recorded a 3.5-fold increase between CY-2013 and CY-2024. 2. The retail payment segment witnessed a 100-fold surge over a 12-year period, escalating from 162 crore transactions in FY 2012-13 to 16,416 crore transactions in FY 2023-24. 3. During CY-2024, the digital payment ecosystem processed a total of 20,787 crore transactions, amounting to an aggregate value of ₹2758 lakh crore. 4. Within the UPI framework, peer-to-peer (P2P) transactions are growing at a faster pace than peer-to-merchant (P2M) transactions, driving the system's overall volume compound annual growth rate (CAGR). Which of the statements given above are correct?