Digital Payments: In a significant feat of financial digitalisation, India has ascended to the pinnacle of digital payments, outstripping four other leading nations. As per the latest data from MyGovIndia, the country witnessed an unprecedented 89.5 million digital transactions in 2022 alone. This puts India at the helm of global digital payments, accounting for an impressive 46 percent of worldwide real-time transactions.
The figures are even more striking when considering that India’s digital transactions exceed the combined volume of the next four nations in this realm.
India Trumps Brazil, China and Others in Digital Payments
Behind India’s groundbreaking achievement, Brazil clinched the second spot with 29.2 million digital transactions. China trailed at third with 17.6 million transactions. Thailand and South Korea also joined the list with 16.5 million and 8 million digital transactions respectively.
MyGovIndia, an initiative of the Indian government aimed at enhancing citizen engagement at the grassroots level, presented these noteworthy findings.
PM Modi Lauds India’s Digital Payments Success
Prime Minister Narendra Modi has previously extolled India’s leadership position in digital payments and its transformative effect on the rural economy. In his remarks, PM Modi said, “India is number one in digital payments. India is one of the countries where mobile data is the cheapest. Today, the country’s rural economy is transforming.”
Analysts from the Reserve Bank of India (RBI) assert that India’s digital payments sphere has been hitting impressive benchmarks both in value and volume, testifying to the robustness and extensive acceptance of the nation’s payments ecosystem.
In summary, the digitisation of India’s financial transactions has placed the country at the forefront of the global digital payment revolution. The ease of accessibility and affordability of mobile data, along with the wide-scale acceptance of digital payments across rural and urban landscapes, has propelled India to a commanding lead. As we move forward, it is evident that the future of transactions is digital, and India is leading the way.
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