Digital payments doubled in 3 yrs, cash usage fell: RBI economist

Cash transactions make up 60% of consumer expenditure as of March 2024 but the share is rapidly declining post-COVID, as per a study by RBI economist Pradip Bhuyan. Meanwhile, the share of digital transactions has more than doubled from 14-19% in March 2021 to 40-48% in March 2024. The study noted that cash is still preferred for low-value transactions.