Concerted efforts by the Reserve Bank to move to a non/less-cash economy by pushing digital payments have begun to pay rich dividends as the volume of such payments has jumped manifold in the past five years, the latest data from the central bank showed. Between 2015-16 and 2019-20, digital payments have grown at a compounded annual growth rate of 55.1 per cent – from 593.61 crore in the year to March 2016 to 3,434.56 crore in the year to March 2020. In absolute terms, value has grown from Rs 920.38 lakh crore to Rs 1,623.05 lakh crore during this period, clipping at an annual compounded rate of 15.2 per cent. From a five-year growth perspective, the numbers shine with an annual growth rate of 55.1 per cent in terms of transaction volumes and 15.2 per cent in terms of value, show the RBI data. Given the pandemic and the lockdown restrictions, digital payments volumes are set to jump manifold while the value could see a further plunge given the mammoth crisis that everyone faces following the pandemic.