Coming of age: Digital payments

.....Statistics from the Reserve Bank of India on the Indian payment system throw up several interesting facts. Mobile penetration in India (approximately 75 per cent) far exceeds banking penetration (approximately 20 per cent). The value of banknotes and coins in circulation as a percentage of GDP (12.04 per cent) is very high when compared to other emerging markets such as Brazil, Mexico and Russia. Non-cash transactions per person is a meagre six per year. Over Rs 11 lakh crore is held as cash rather than in banks. ATM penetration is among the lowest in the world, at 72 ATMs per one million people........

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