The Central Bank of India (RBI) announced that it has started digital currency research. The bank said that if the use of digital rupees is necessary, preparations must be made for it.
In its report, RBI drew attention to the recent increase in the popularity of digital money, virtual and cryptocurrencies. On the other hand, the Central Bank of India maintains its skepticism about these coins. According to the bank, the various risks posed by digital currencies are alarming. However, although there are various disadvantages, it is stated that if the country needs the use of the digital version of fiat money, it should be investigated and the necessary operational activities should be carried out.
Mobile payments are becoming common
The central bank’s report shared that India’s infrastructure has made great progress in the last 10 years. With the increase in mobile and internet users, the increasing usage density in online banking systems was emphasized. It was also stated that mobile banking services are offered to users through many channels.
It has been said that factors such as the widespread use of smart phones and the development of digital banking systems are becoming more conscious of users about digital payments.
The most effective way to popularize digital payments
According to RBI, the most effective way to increase digital payments is to target the age groups most sensitive to technology. The majority of the population of India is made up of individuals born in the age of the millennium, and this will contribute positively to the adoption process of digital money or payments.
“Millennials are ready to experiment with new payment systems.”