Some of these thoughts also find resonance in the articles presented in Shri Venugopal’s book. A)  Productivity and efficiency  Banks play the critical role of financial intermediation by performing the task of maturity and risk transformation, besides providing payment and settlement services.
In addition, a shift to electronic payments will facilitate efficiency, which is convenience at the right cost. This will lead to lower business costs and higher consumer expenditure, a driver of economic growth in many economies. In fact, a cross country study found that a 10% increase in the share of electronic payments was correlated with a .5% increase in consumer spending.