The report published by RBI on Thursday stated that they will publish the data based on the volume and value of transactions for the select set of the payment system. It includes UPI (Unified payment interface), NEFT (national electronic funds transfer), and RTGS (real-time gross settlement) cash as well as withdrawal from ATM’s. They aimed at promoting research and Innovation in digital payment. RBI keeps a check on the value and volume of all the transactions carried out through NEFT and RTGS. The system also gathers information from those transaction systems like UPI’s and IMPS. The data related to those transactions will be published on the succeeding working day. And those data relating to the cards will be published once the daily reporting systems take place.
Aim of RBI aims to promote Innovation and research in the payment system which can make a difference. The data published by RBI regarding the transactions can make awareness regarding the analytical capabilities of the payment organization said by Rama Moorthy, Managing Director of International markets. He also noted that the daily data published by RBI also helps to analyze the market trend related to a particular channel or the prevailing usage of a particular segment. The decision was taken by RBI certainly helped the Banking and Payment industry. But for the consumers, these RBI decisions might not help to change into any major innovation. Because the consumers did not expect any instant development or launching of new products, stated by Khosla Managing director of MyMoneyMantra.
He also mentioned that the opportunity of getting the primary data daily helps the banks and Payment companies to track seasonal trends and Consumer preferences. It also helps to manage stocks and cash in a better manner. Even though the RBI decision to publish the daily basis data regarding the transactions and Payment system will not make much difference in the consumer outlook. But it would probably result in finer and more purified services and offers. According to the data released by the National Payment Corporation of India (NPCI) stated that UPI payments in the country indicated a recapture in May with an increase in the total number of transactions touching near to 1.23 billion as a result of COVID 19 and relating Lockdown.
