The next salvo in digital payments

Central to RBI's vision for a less-cash society is the effective and steady substitution of cash—the dominant mode of transaction becoming non-cash or electronic modes of payments. While the adoption of electronic payments has risen sharply in the business-to-business space (electronic modes accounted for 52% of non-cash payments in 2012), retail payments still largely use cash and cheques, which are more expensive apart from being inefficient. 

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