India with 89.5 million digital transactions in the year 2022 has topped the list of five countries in digital payments, according to data from MyGovIndia.
As per the data, India in the year 2022 accounting for 46 per cent of the global real-time payments, adding that the digital payment transactions in India is more than the other four leading countries combined. “India keeps dominating the digital payment landscape! With innovative solutions and widespread adoption, we’re leading the way towards a cashless economy.
#9YearsOfTechForGrowth#9YearsOfSeva@GoI_MeitY@AshwiniVaishnaw@Rajeev_GoI@alkesh12sharma @_DigitalIndia,” tweeted MyGovIndia.
Second on the list is Brazil which amounted to 29.2 million transactions followed by China with 17.6 million transactions.
On number 4 is Thailand with 16.5 million digital transactions followed by South Korea with 8 million worth of transactions, the data from MyGovIndia has stated.
MyGovIndia is a Citizen engagement platform of the Government of India, giving people the opportunity to work towards Surajya with their ideas and grass root level of contribution.
Earlier this year, Prime Minister Narendra Modi said that India is number one in digital payments and that the country’s rural economy is transforming.
“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,” the PM said.
In digital payments, India has been witnessing new milestones, in both value and volume terms, which indicate the robustness of India’s payment ecosystem and acceptance, as per RBI experts.
It is to be noted that, on June 6, Google, Temasek and Bain & Company released a report titled ‘e-Conomy India 2023: The economy of a billion connected Indians’ to shed light on the future of the internet economy in India. The report forecasts that India’s internet economy will reach USD 1 trillion by 2023.
The report said that a continued shift in consumer and merchant behaviour matched with strong investor confidence has ushered India into a ‘Digital Decade.’ The report further said that digital services are fast becoming integral to India’s 700 million internet users, including about 350 million digital payment users and about 220 million online shoppers. Furthermore, the report said, “As India undergoes a dramatic boom that will see household consumption doubling by 2030, digital commerce will invariably become even more entrenched in Indians’ everyday experience.”
The report said, “The flourishing internet economy in India presents a compelling opportunity for businesses to capitalise on. To fully harness this potential, enterprises must gain a deep understanding of evolving consumer needs and strive to build more customer intimacy.”
“Furthermore, leveraging digital technologies has become critical for streamlining the operating model and driving growth. The digital shift will also lead to the emergence of some unique imperatives across trust, security and responsibility, and combating these will require collaborative efforts from India’s policymakers and the private sector,” the report added.
Earlier, in October last year, Prime Minister Narendra Modi dedicated 75 Digital Banking Units (DBUs) to the nation with an aim to promote financial inclusion.
According to Prime Minister’s Office (PMO), DBUs will be brick-and-mortar outlets which will provide a variety of digital banking facilities to people such as the opening of savings accounts, balance-check, printing passbooks, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, applications for credit and debit cards, tax and bill payment and nominations.
The PMO statement said DBUs will enable customers to have cost-effective, convenient access and enhanced digital experience of banking products and services all through the year.
The DBUs are being set up to ensure that the benefits of digital banking reach every nook and corner of the country and cover all states and union territories. Eleven public sector banks, 12 private sector banks and one small finance bank are participating in the endeavour.
It said they will spread Digital Financial Literacy and special emphasis will be given to customer education on cyber security awareness and safeguards.
(with inputs from ANI)