This is how India became number-1 in the world in terms of digital paymentImage Credit source: NPCI
The speed with which digital payments have increased in India, now the world is also acknowledging it. In the year 2022, India has been the number-1 country in the world in terms of digital payments. MyGovIndia Has released the figures related to this. According to statistics, during 2022, there were 8.95 crore digital transactions in India.
This is 46 percent of the real time payment done through digital mode worldwide. At the same time, it is more than the total digital transaction of the other four countries included in the top-5. UPI is the most popular digital transaction mode in India. At the same time, India’s real-time digital transaction has been the highest not only in volume but also in value.
These countries are top-5 in transaction
In the global ranking of digital payments, Brazil is at number two with 2.92 crore transactions, China at number three with 1.76 crore transactions. In this list, Thailand is third with 1.65 crore transactions and South Korea is fifth with 8 million transactions.
📈 India keeps dominating the digital payment landscape! 💸🇮🇳 With innovative solutions and widespread adoption, we’re leading the way towards a cashless economy.
— MyGovIndia (@mygovindia)
Steps towards cashless economy
MyGovIndia has also tweeted about this. It is written that India continues to dominate the landscape of digital payments. Due to its unique and innovative solutions and reach to more people, India is moving towards a cashless economy.
Digital transactions changing rural economy
Earlier this year, PM Modi had also said that India is number-1 in terms of digital transactions. It is changing the rural economy of the country. India is one of the few countries in the world where mobile data is the cheapest and hence digital transactions have got a boost.
Apart from UPI in India, people use digital transaction mode like mobile wallet, debit-credit card. At the same time, the Reserve Bank of India has also launched digital currency recently.