Technology in Finance- Fintech & Decentralized Finance

FTMBA, Trimester V

Final Project
Digital Payments
Submitted to- Prof. Somnath Roy
23 November 2022

Submitted by- Group 8, Division- A

Akansh Garg C023

Ashima Nayyar G002

Parshav Deb G015

Kunal Mehta G050

Shruti Agarwal G054

Deven Sethi J037

Aman More J047

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Table of Contents

1 Introduction .......................................................................................................................... 3

1.1 Indian Digital Payments Landscape Transformation ................................................... 3

2 Description of Digital Payment Ecosystem in India ............................................................ 3

2.1 UPI: Changing the Face of Digital Payments ............................................................... 4

3 Regulatory Issues in Digital Payments ................................................................................ 6

4 Advantages and Disadvantages of Digital Payments........................................................... 8

4.1 Advantages ................................................................................................................... 8

4.2 Disadvantages ............................................................................................................... 9

5 Current Scenario and Future Prospects ................................................................................ 9

5.1 Current payment landscape in India ............................................................................. 9

5.2 Unified Payments Interface (UPI) .............................................................................. 10
5.3 Merchants onboarded ................................................................................................. 11
5.4 Card Issuance .............................................................................................................. 12
5.5 Prepaid Cards .............................................................................................................. 14
5.6 Electronic Toll Collection .......................................................................................... 14
5.7 Future Prospects ......................................................................................................... 15

6 Recommendations .............................................................................................................. 16
7 Future Implications ............................................................................................................ 18
8 References .......................................................................................................................... 18

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1 Introduction
1.1 Indian Digital Payments Landscape Transformation

India's government has undergone a technological revolution in recent years. Government services
have been gradually integrated, and today, last-mile delivery occurs with the click of a mouse in a
matter of seconds. As part of the Government of India's objective to digitally transform the
financial sector and economy, Digital Payments transactions have steadily increased over the past
several years. In addition, efforts have been made to promote financial inclusion as one of the
country's primary national goals.

The JAM Trinity—Jan Dhan, Aadhaar, and Mobile—is the essential enabler at the heart of India's
altered digital payment landscape. Pradhan Mantri Jan-Dhan Yojana (PMJDY) represents one of
world's largest financial inclusion programmes, inaugurated in August 2014 deliver universal
banking facilities to all unbanked households. Aadhaar, the flagship product of the Unique
Identification Authority of India, is a simple but effective technique for verifying individuals and
beneficiaries using biometric information. Together, Jan Dhan accounts, Aadhaar, and mobile
connections have helped set the foundations for a Digital India in which a large array of public
services are made accessible directly to citizens with greater ease of access and without the
involvement of a middleman (middle-men).

2 Description of Digital Payment Ecosystem in India

Faceless, paperless, and cashless status is one of the primary goals of Digital India. The Indian
government has allocated the development of digital payments the greatest priority in order to put
every sector of our country within the formal umbrella of payment systems. The goal is to deliver
seamless digital payments to all Indian people in a way that is convenient, inexpensive, swift, and
secure.

In India, digital banking transactions have experienced exceptional growth during the past three
years. Easy and easy ways of electronic payments, including Bharat Interface for Money-Unified
Payments Interface (BHIM-UPI); Immediate Payment Service (IMPS); pre-paid payment
instruments (PPIs); and National Electronic Toll Collection (NETC) system, have experienced
significant development and have revolutionised the digital payment ecosystem by expanding
Person-to-Person (P2P) as well as Person-to-Merchant (P2M) payments. Simultaneously, current
payment methods including such debit cards, credit cards, National Electronic Funds Transfer
(NEFT), and Real-Time Gross Settlement (RTGS) have expanded rapidly.

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The preferred method of payment for users has emerged as BHIM-UPI. The government of India
has introduced the cashless and contactless e-RUPI digital payment system, which is anticipated
to play a significant role in boosting the effectiveness of Direct Benefit Transfer (DBT) in the
nation's digital transactions. Together, these resources have built a solid ecosystem for the
economy of digital money.

Figure 1- Total Digital Transactions in India

2.1 UPI: Changing the Face of Digital Payments

A breakthrough solution in the payment environment, UPI has been called. It was introduced in
2016 and has since become one of the most used methods for conducting digital transactions in
the nation. The National Payments Corporation of India invented the immediate payment system
known as UPI (NPCI). It integrates different banking services, smooth fund routing, and merchant
transactions into one hood, powering several bank accounts together into single mobile
application. On December 31, 2016, PM Modi introduced the BHIM-UPI App at the start of the
"DigiDhan Mela" in order to improve and publicize the interface even further.

India is now firmly on the path to a cashless economy, due in large part to UPI's success in
ingraining the habit of digital payments and paving the road for a cashless economy. For the whole
month of August 2022, 346 banks were active on the UPI platform, and 6.58 billion financial
payments of almost Rs. 10.73 lakh crores were completed.

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Figure 2- UPI Transactions in India

UPI presently accounts for well over forty percent of all digitized transactions in India. It has
benefited small enterprises and street sellers by facilitating quick and safe bank-to-bank transfers
for minuscule sums. Additionally, it promotes expedient money transfers for migratory labour.
Because the technology involves minimal physical interaction, it is simple to transfer funds by
merely scanning a QR code, making it a convenient option. The Covid-19 epidemic has also been
helped by UPI, whose popularity is growing quickly as a result of its capacity to support simple,
contactless transactions.

There is no denying the current state of India's digital payment environment. The Indian people
have demonstrated a strong propensity for accepting new technology, which supports the
government's efforts. India has emerged as a pioneer in the production of digital assets, which may
serve as an example to many other countries, while other developed countries are having issues
because of insufficient digital infrastructure for moving money to the accounts of their inhabitants.
Additionally, the Indian government is doing all possible to position India as a world leader in the
field of electronic payments and support it in becoming one of the most effective payment
marketplaces in the world. By allowing transparent, safe, quick, and cost-effective processes that
benefit the whole digital payments ecosystem, rising Fin-Techs will play a critical role in the
continued expansion of digital transactions in the future.

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3 Regulatory Issues in Digital Payments
Digital payments are primarily driven by the expansion of internet access, e-commerce websites,
mobile applications, and the pandemic that forced many individuals to make even basic purchases
online. Due to the fast growth in the use of digital payment systems, the Reserve Bank of India
(RBI) announced proposals to regulate payment aggregators and payment gateways, bringing them
under its authority.

The RBI published the Guidelines on Regulation of Payment Aggregators and Payment Gateways
(the "Guidelines") in 2020, and all businesses intending to provide payment services to merchants
were required to obtain RBI clearance under these Guidelines. Only non-banking enterprises are
required to get RBI licence in order to continue providing payment aggregator services, despite
the fact that both banks and non-banking businesses handle payment services as part of their
activities, as stated in the Guidelines.

Payment aggregators, as defined by the Guidelines, are businesses that make it simpler for users
of e-commerce websites and merchants to submit a variety of payment instruments in order to
satisfy their payment responsibilities without the merchants having to create their own payment
integration system. Payment aggregators serve as a conduit between merchants and acquirers.
They gather client payments, combine them, and then distribute the money to the retailers.

The Guidelines stress that payment gateways, in contrast, are businesses that just provide the
technological framework to route and speed the execution of an online payment transaction. They
are not involved in the handling of money, according to the Guidelines. Only "technology
suppliers" or "outsourcing partners," depending on the circumstance, of banks or non-banks were
to be considered when thinking about payment gateways.

According to the Guidelines, non-bank payment aggregators must get RBI authorization in
accordance with the Payment and Settlement Systems Act of 2007; this authorization will be
granted based on some of the following criteria:

1. The payment aggregator must be a business registered in India in accordance with the
Companies Act, 1956 or 2013. The applicant entity's Memorandum of Association (MoA)
must cover the intended activity of acting as a payment aggregator.
2. Existing non-bank organisations that provide payment aggregator services must submit an
application for authorization by June 30, 2021, at the latest (which was later extended to
September 30, 2021). All entities offering payment aggregator services (as of the date of

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 the Guidelines) are kindly allowed to continue their operations up till they hear from the
RBI regarding their application, according to the Guidelines.
3. E-commerce platforms that offer payment aggregator services are not allowed to carry out
this business beyond the specified date of June 30, 2021. If these companies wanted to
continue offering payment aggregator services, they had to isolate those services from their
marketplace operations before submitting an application for authorization to the RBI.
4. Existing payment aggregators had to reach net value thresholds of INR 15 Cr by March 31,
2021, and INR 25 Cr by the end of the third financial year, or on or before March 31, 2023,
for compliance with the Guidelines. Thereafter, a net worth of INR 25 Cr rupees must
always be maintained. When applying for authorization, new payment aggregators must
have a minimum net worth of 15 crore rupees, and they must reach a net worth of 25 crore
rupees by the end of the third financial year following the issuance of authorization.
Thereafter, a net worth of 25 crore rupees must always be maintained.

According to the Guidelines, payment aggregators must also follow the suggested technological
requirements-

1. Payment aggregators must develop a board-approved policy for merchant on-boarding.

The Payment Card Industry-Data Security Standards (PCI-DSS) and Payment Application-
Data Security Standard (PA-DSS) require payment aggregators to run mandatory
background checks on the merchants.
2. Non-bank payment aggregators must keep the money they have collected in escrow with
any commercial bank.
3. Payment aggregators are required to have a framework in place for handling customer
complaints and grievances, as well as a binding dispute resolution mechanism that includes
a transaction life cycle, a detailed explanation of the types of disputes, a process for
handling them, compliance, the responsibilities of all the parties, documentation, reason
codes, and a procedure for appeals.
4. The Guidelines also require payment aggregators to implement adequate information and
data security infrastructure and systems for fraud prevention and detection.
5. Customer card information must not be kept by payment aggregators on their servers or
servers that merchants access.

Pine Labs, Razor Pay, Stripe, and 1-Pay gained in-principle clearance from the RBI for their
payment aggregator licences in July 2022. Receiving the RBI's approval for a payment aggregator's
licence effectively places these organisations under the RBI's direct control while providing
payment services to merchants. This progress will result in a more standardised, centralised, and
regulated payments ecosystem, giving the average individual access to more safe, reliable, and
convenient digital payment solutions. Although the applicants' path to obtaining a payment

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aggregator licence may be long and difficult, the advantages enjoyed by usersfar outweigh the
costs. In order to enhance the fiduciary connection between payment aggregators and their clients,
increase operational transparency, and assure users that their hard-earned money is safe, RBI’s
intervention is a critical first step.

4 Advantages and Disadvantages of Digital Payments

4.1 Advantages

Businesses now have access to a variety of new advantages and benefits thanks to ePayment
systems, providing them the competitive edge they need to stand out. Here are some advantages
that using an e-Payment systems bring to institutions and individuals-

1. Reduced Transaction costs- Paper based payments pose hurdles for both, businesses as
well as their suppliers. Collecting and processing paper checks is an expensive deal, and
also result in inefficiencies due to the time involved. By contrast, digital payments have
the advantage of being faster, easier to collect and cost less to the business. Digital
payments also reduce/ eliminate the need for going to banks.
2. Increased payment security- Digital payments offer multiple ways of securing payments
such as tokenization, encryption, etc. and eliminate the fear of missing cash and theft.
3. Customer Convenience- One can help your customers have a convenient payment
experience by accepting electronic payments. By providing a pay later option, customers
are enabled to buy goods on credit.
4. Transparency- Payment details are stored in merchant-specific databases, and provide
easy access to both merchants as well as customers. This eliminates ambiguity and
confusion while tracking payments and increases transparency.
5. Contactless- Digital payments in the form of UPI, POS terminals, etc., completely
eliminate the human touch and allow remote payments as well as hybrid work
environments.
6. Speed- Compared to traditional payment methods like cheques, electronic payments
transmit funds significantly more quickly because they are made digitally. ePayments
eliminate the need for consumers to visit banks by enabling them to make payments online
at any time, from anywhere in the globe. Faster electronic payments, like virtual cards, give
companies the power to raise security, visibility, and productivity while reducing expenses
and reducing time spent on manual tasks.
7. Variety of Payment choices and recurring payment capabilities- Use of digital
payments allows a multitude of payment options for customers to choose from. This also
helps the organization have variety of distribution channels and opportunity to build

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 relationships with other platforms, leading to increase in revenues. It also makes
subscription models easy and automated.

4.2 Disadvantages

1. Technical challenges- Like any other technology-dependent software, online payments

are susceptible to technical issues or downtime. Even though tech maintenance operations
are scheduled in advance and typically occur at night, it can occasionally annoy online
buyers. Many organizations encounter high bounce rates, particularly when it occurs
unexpectedly.
2. Password Threats- There is a possibility that an online portal can access your personal
data or bank account information if you are a registered user and often utilise online
payments. Even if one-time passwords (OTPs) are used for the majority of transactions,
some circumstances call for password protection. One could be at danger for a privacy
violation, especially if one works with several institutions.
3. Cost of Frauds and security concerns- Cybercriminals are adopting online payments as
a preferred method of payment, just as more and more consumers are doing. Database
exploits, phishing scams, and identity theft are all on the rise. Businesses deploy numerous
payment-security software programs, at great cost, in an effort to stop these and boost
security. Important financial data and information can be readily hacked if suitable security
measures aren't taken. Criminals can also easily evade capture because there are no
verification mechanisms like facial recognition or fingerprints.
4. Lack of Technological Literacy- The fact that many people, especially the older
population, lack basic computer literacy is one of the biggest drawbacks of online
payments. They avoid using online payment methods because they lack sufficient
knowledge of how to use technology and devices. Many of them continue to use traditional
payment methods because they are afraid of the difficulties involved. This is a significant
disadvantage for emerging nations like India.
5. False Identity- In contrast to physical transactions, it is impossible to verify whether the
person making an online payment is who they say they are. The majority of online
payments are made anonymously because there are no verification techniques like photos
or signatures. This has the potential to significantly increase forgeries and identity theft.

5 Current Scenario and Future Prospects

5.1 Current payment landscape in India

The volume of Digital Payments in India has grown at a CAGR (compounded annual growth rate)
of 50 percent in the last five years. In Q2 of FY2022, there were 20.5 bn transactions (volume) and
₹ 36 trillion in value terms, processed through various digital payments channels such as debit

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cards, credit cards, pre-paid instruments such as UPI (‘Unified Payments Interface) which includes
Person to Merchant (P2M) and Person to Person (P2P) transaction types.

Figure 3- Volume of Digital Payments Figure 4- Value of Digital Payments

There is evidence (graph below) that shows that even micro-transactions are now happening
through UPI mode of payment. The payment by individuals to merchants is almost a third of the
size of person-to-person payments.

Figure 5- Average Ticket Size (INR)

5.2 Unified Payments Interface (UPI)

UPI, a payment system launched in 2016 with 21 partner banks, has now grown to 346 partner
banks within the ecosystem. It has now incorporated countries like Singapore, United Arab
Emirates, Bhutan

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The Unified Payments Interface (UPI) system has grown at 160 percent annually, which is India’s
real-time, mobile based. The government has stated that UPI will be treated as a public good and
there will not be any charges levied for the services.

The UPI-QR (Scan QR code to pay) has significantly increased to about 192 million (92% surge
from June 2021 in graph below), showcasing that this provides better convenience to the users for
faster turn-around time to complete transactions.

Figure 6- UPI QR Users (in millions)

5.3 Merchants onboarded

There has been a total of 6.59 million POS terminals deployed in India (FY2022), increasing about
43% from last year.

The private sector banks represent the largest share of POS terminal market, followed by banks in
public sector, payment banks and foreign banks

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 Figure 7- POS Terminal market share

The most visited merchant categories in 2022 are groceries, apparel, restaurants, pharmacy, hotels,
departmental stores accounting for 58% in value terms and 61% in volume terms for the
transactions.

5.4 Card Issuance

The following graph shows the number of credit and debit cards issued over the last year (2021 -
2022), showcasing a steady increase in the number of credit card issuance.

Figure 8- Card issuance in India

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Though it shows almost equal volume of transactions of the credit card transactions at the Point-
of-sale and the E-commerce, the value terms of E-commerce transactions are much higher than
that of the Point-of-sale devices.

Figure 9- Credit Card value (in billions) Figure 10- Credit card volume (in millions)

Whereas the trend is opposite with respect to the debit card instruments. In Q2 of FY 2022 total
value of the debit card transactions are only ₹ 1.9 trillion compared to ₹ 3.3 trillion credit card
transactions (by value terms). This shows that Indians find it more convenient to make purchases
online via credit cards for big ticket size transactions whereas debit card instruments are used as
small-ticket purchases at POS terminals. Payment instruments such as BNPL (Buy Now Pay
Later), EMI are facilitators for customers to choose high value services and products using the
cards.

Figure 11- Debit Card Value (in billions)

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RBI is mandating the tokenization of card numbers so that cardholders have a feeling of security
when they make transactions online. This is done because many users are linking the credit cards
in their ecommerce accounts to avail offers during the festive season.

5.5 Prepaid Cards

The Prepaid payment industry has grown rapidly as an innovative offering in the fintech space.
Recently, a lot of ecommerce platforms have started offering prepaid cards for purchase of their
merchandise.

Figure 12- Prepaid Cards Value (in billions)

Following the month of June, the RBI has barred companies from the fintech domain from
disbursing prepaid cards and wallets. This mandate has been announced after reports which
suggested that fintech firms are partnering with banks and NBFCs, offering credit in the form of
prepaid cards. Companies like Slice and UNI were known to be taking credit lines from NBFCs
which is a clear violation of the rules. Hence, number of prepaid cards issued have fallen below
1,00,000 from month of July.

5.6 Electronic Toll Collection

The FASTag (NETC) has sustained a growth month-on-month, with new use-cases at parking lots,
metro stations, airports along with expanding the existing state and national highway. It has
reached a collection of around ₹ 4000 crores per month (June 2022).

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 Figure 13- NETC Value (in INR Billions)

5.7 Future Prospects

Aadhar enabled payment services (AePS), a model which is bank-led, allows online
interoperability in financial transactions at Point-of-sale (PoS) through the business correspondent
of aadhaar authentication enabled banks. This initiative is a new step towards standardization
throughout the country and it will help a lot of tier 2 and tier 3 cities people to make convenient
transactions

Open Network for Digital Commerce (ONDC) has been on the forefront of RBI’s vision of retail
revolution and a robust digital payments foundation will facilitate the smooth execution of ONDC.
The aim would be to provide the users with fast, secure, affordable and convenient options of e-
payment

Some of the initiatives to facilitate it would be-

1. With the increasing usage of credit cards and UPI, there can be an upsurge in the ticket size
and number of transactions if credit cards are linked to the UPI platform. Currently only
the Rupay card is linked, but in future more partner banks can be integrated and this can
impact consumer spending positively
2. Integrate alternative mechanisms for authentication for digital payments to bring in stricter
regulations which will in turn increase the trust of people
3. Enable the IoT framework and payments which are context-based, which involve the
background processing of payments. The customer just confirms the transaction with their
voice and the payment will be executed. This will reduce friction and result in seamless
experience

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Digital Currency (CBDC) of the central bank would be digital tokens, akin to cryptocurrency,
which will be issued and regulated by the Central Bank (RBI). The pilot of the digital rupee is
scheduled for the month of December, 2022. This digital rupee will be based on distributed ledger
technology (DLT) having aspects of traceability and anonymity. It will not be decentralized since
it is governed by the central bank. SBI, Union Bank of India, ICICI, HDFC will be the banks
involved in this pilot testing it with 10000-50000 customers each This will be effective in lowering
the transaction costs of settlements and facilitate interbank operations efficiently.

6 Recommendations
We propose following recommendations-

1. Desirable features of a future digital payment for various target groups

General public and the tech- Merchants Unbanked, underbanked

savvy groups and offline population

• Integration of
• Universal acceptance- • Easy to use without
accounting tools, cash
Widely accepted at all requiring
back, bonus points,
types of brick-and-mortar technological digital
and marketing
and internet stores skills
activities

• Contactless and instant • Free: low or no fees

person-to-person • Technically
payments: regardless of dependable and
the system the recipient supported by • Personal
excellent customer information must be
service protected against
• A one-stop-shop system loss and theft.
that integrates different
payment methods, is • Low fees
quick and simple to use, • Supported by a
and offers flexible comprehensive
financial reporting • High speed of customer service
capabilities. transactions system

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 • Safe and secure:
biometric authentication,
security against fraud and
hacking, and payment
authentication

2. Adoption of CBDC backed by balance development on design and policy front

CBDCs are still in their infancy, and it is unclear how far or quickly they will advance. To be
prepared for what lies ahead, central banks are bolstering their capacity to use emerging
technologies.

CBDCs have the potential to outperform private digital currency in terms of reliability, security,
accessibility, and cheap transaction costs if they are developed with care. This is clear when
compared to unbacked crypto assets, which are inherently volatile. And even the best managed
and controlled stablecoins may not be able to compete with a central bank's stable and
welldesigned digital currency.

In India, the Reserve Bank of India (RBI) is ready to run the retail pilot of the "digital rupee."
Roughly 100 nations are investigating CBDCs on some level, and the RBI is preparing to execute
the retail pilot of the "digital rupee."

3. Making inclusive payments by adoption of Open Network for Digital Commerce

ONDC increases the inclusiveness of payment systems by extending the reach of payments and
making them accessible to all segments of society. This may be a person with a disability, who is
illiterate, or who is less tech-savvy; solving this problem will genuinely make digital payments
more democratic.

While the platform will be designed for scalability and adhere to various concepts, such as
decentralisation, openness, interoperability, and evolution, its primary objective is to enable
millions of 'unconnected' merchants to begin selling their products online. There is already a great
deal of interest on the part of many significant organisations to participate in the ONDC platform
as either buyers or sellers. However, for this to take off on a large scale – similar to how UPI has
taken off – it is required not only to increase the number of sellers and merchants, but also to
encourage more consumers to pursue the e-commerce route.

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 • Strengthen the worldwide governance of digital financial systems. Globally, including
developing nations, the delivery of services is being transformed by the Big Tech industry.
• Connecting individuals to reduce the digital gap. People lack access to high-speed Internet,
and over a billion lack identifying documents. Countries must invest in digital
infrastructure and digital identities in order for their population to have access to internet
services. Additionally, effort must be made on numeracy and financial literacy.
4. Good governance and mitigating digital divide

7 Future Implications
Future implications of CBDC can be summed as-

• There may not be a uniform argument for CBDCs because every economy is unique. In
some instances, a CBDC may be a crucial road to financial inclusion, such as when
geography poses a barrier to traditional banking. In certain situations, a CBDC may serve
as a crucial backup in the event that other payment instruments fail.
• As the RBI has noted, the CBDC has implications for liquidity management and monetary
policy. CBDCs are designed with the utmost importance placed on financial stability and
privacy.The priority of central banks should be to reduce the impact of CBDCs on financial
intermediation and loan provision.
• Establishing a CBDC requires striking a precise balance between design and policy
advancements. The correct design requires time, resources, and continuous learning from
experience, including the exchange of international experiences. To properly distribute
CBDCs, create e-wallets, add functionality, and advance technology, this will frequently
require close collaborations with private companies.

Going forward, governments must address a multitude of unresolved problems, technical barriers,
and policy tradeoffs. As we construct a digital bridge to the future, we must remain mindful of the
associated risks. Cybersecurity, data privacy, and data security are indeed the main threats to
vulnerable digital service users.

8 References
1. Transforming India's Digital Payment Landscape, October 2022, Ministry of Finance,
Press Information Bureau (PIB), Govt of India,
https://pib.gov.in/FeaturesDeatils.aspx?NoteId=151163&ModuleId=2#:~:text=UPI%20h
as%20gone%20a%20long,10.73%20lakh%20crores as accessed on 23 November 2022
2. Georgieva, K. (2022, February 9). The Future of Money: Gearing up for Central Bank
Digital Currency. Retrieved from IMF.org:

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 https://www.imf.org/en/News/Articles/2022/02/09/sp020922-the-future-of-money-
gearing-up-for-central-bank-digital-currency as accessed on 23 November 2022
3. KANTAR PUBLIC. (March 2022). Study on New Digital Payment Methods, as accessed
on 23 November 2022
4. Patrick Njoroge, C. P. (2020, November 5). Bridging the Digital Divide to Scale Up the
COVID-19 Recovery. Retrieved from imf.org/en/Blogs/Articles/2020/11/05/blog-
bridging-digital-divide-to-scale-up-covid19-recovery as accessed on 23 November 2022
5. RBI. (2022). Concept Note on Central Bank Digital Currency. RBI. as accessed on 23
November 2022
https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/CONCEPTNOTEACB531172E0
B4DFC9A6E506C2C24FFB6.PDF as accessed on 23 November 2022
6. Reserve Bank Of India to launch retail CBDC pilot in December , November 2022, India
Today, https://www.indiatoday.in/cryptocurrency/story/reserve-bank-of-india-to-launch-
retail-cbdc-pilot-in-december-2300872-2022-11-23 as accessed on 23 November 2022
7. How India's Central Bank Helped Spur a Digital Payments Boom , October 2022, IMF,
https://www.imf.org/en/News/Articles/2022/10/26/cf-how-indias-central-bank-helped-
spur-a-digital-payments-boom as accessed on 23 November 2022
8. RBI Mandate Leads To Prepaid Card Business Crash , July 2022, Business world,
https://www.businessworld.in/article/RBI-Mandate-Leads-To-Prepaid-Card-Business-
Crash/20-07-2022-437918/ as accessed on 23 November
9. Worldline - India Digital Payments Report - 2022 Q2,
https://in.worldline.com/index.php/reports-and-insights as accessed on 23 November

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