With more banks offering mobile banking services, transactions through mobile apps has increased seven-fold in three years, between 2013 and 2016, the Reserve Bank of India said on Thursday.
The central bank, which has released the payments and settlement vision document 2018, said all segments of electronic payments, particularly retail, had shown healthy growth since 2012-13. At the same time, the usage of cheques had come down, indicating shift in customer preference towards electronic mode of payments.
