In India, the landscape of digital payments has changed. India has become a global leader in the creation of digital assets, whereas other wealthy nations are having issues.
India’s digital payment transactions amounts to $1.5 Tn, more than combines economies of US, UK, Germany and France
At the World Economic Forum (WEF) in Davos today, Union Minister Ashwini Vaishnaw stated that by December 2022, digital payment transactions in India will total $1.5 trillion on an annualised basis, surpassing the combined economies of the US, UK, Germany, and France.
Ashwini Vaishnaw states at WEF:
“India’s digital payments transactions is more than the combined digital payments of four big economies- US, UK, Germany, France,”
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Indian consumers show preference for to digital technology; leading to growth in digital payment infrastructure
Indian consumers have shown a strong preference for digital technologies, which has sped up the development of the digital payment infrastructure.
In India, digital payment transactions have shown an unparalleled growth during the past three years. Digital payment methods that are quick, simple, and convenient, including Immediate Payment Service (IMPS) and Bharat Interface for Money-Unified Payments Interface (BHIM-UPI), have experienced significant development and changed the landscape of the digital payment industry. Debit cards, credit cards, NEFT, and RTGS are examples of pre-existing payment methods that have all experienced rapid growth in popularity at the same time. Users’ favourite payment method has become BHIM-UPI.
UPI constitutes over 40% of all digital transactions in Inida
At the moment, UPI accounts for far over 40% of all digital transactions occurring in India. Modest companies and street vendors have benefited from it since it makes bank to bank transactions, even for very small amounts, quick and secure. The Covid-19 pandemic has also been helped by UPI, whose popularity is growing quickly as a result of its capacity to support simple, contactless transactions.
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