Reportedly from January 2020, and customers may not have to pay any charges for transactions done through the popular National Electronic Funds Transfer (NEFT) system. A proposal in this regard has been mooted by the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) to give impetus to wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital transactions on the third anniversary of demonetization.
The central bank has also proposed that FASTags would be enabled to pay for parking fee and even at fuel stations. digital payments constituted a high 96 per cent of total non-cash retail payments during the october, 2018 to september, 2019.
During the same period, the NEFT and Unified Payments Interface (UPI) systems handled 252 crore and 874 crore transactions with year on year growth of 20 per cent and 263 per cent respectively. This rapid growth in the payment systems, inter-alia, has been facilitated by a series of measures taken by the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india," the central bank said in a statement on furthering wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payments.
