Three years after demonetisation, a lot might not have changed in the country but the digital payments industry has seen a major revolution. Highlighting the same, the Reserve Bank of India (RBI), said that digital payments industry have grown at a compounded annual growth rate (CAGR) of 61% over the past three years in terms of volume. In terms of value, the CAGR stands at 39% during the same period. The RBI said that digital payments constituted a high 96% of total non-cash retail payments during the period of October 2018 to September 2019. The details showed that the volume of retail digital transactions has grown from around 6.8 Bn to 28.46 Bn between 2015 and 2019 amounting to transactions worth INR 113 lakh crore and INR 302 lakh crore, respectively. It said that during the same period, the National Electronic Funds Transfer (NEFT) and Unified Payments Interface (UPI) systems handled 2.5 Bn and 8.74 Bn transactions with year on year growth of 20% and 263%, respectively. India is expected to clock the fastest growth in digital payments in terms of transaction value between 2019 and 2023 with a compounded annual growth of 20.2%, according to an Assocham-PWC India study. It said that the exponential rise in online transactions is due to the dual factors of demonetisation and discounts through digital payment options on ecommerce platforms.