The digital payment landscape in India has been transformed. While some of the developed countries are facing problems, India has emerged as a leader in the creation of digital assets.
Union Minister Ashwini Vaishnaw at World Economic Forum (WEF) in Davos to day said that in December 2022, India's digital payment transactions amounted to $ 1.5 trillion annnualised basis and if we compare it with US, UK, Germany, France, it's more than their combined economies.
“India's digital payments transactions is more than the combined digital payments of four big economies- US, UK, Germany, France," said Ashwini Vaishnaw at WEF.
Indian consumers have displayed great affinity to digital technology, leading to rapid growth in digital payment infrastructure.
During the last three years, digital payment transactions have registered unprecedented growth in India. Easy and convenient modes of digital payment, such as Bharat Interface for Money-Unified Payments Interface (BHIM-UPI), Immediate Payment Service (IMPS) have registered substantial growth and have transformed digital payment ecosystem. At the same time pre-existing payment modes such as debit cards, credit cards, National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) have also grown at a fast pace. BHIM-UPI has emerged as the preferred payment mode of users.
UPI currently constitutes well over 40% of all digital transactions taking place in India. It has given a boost to small businesses and street vendors as it enables fast and secure bank-to-bank transactions even for considerably small amounts. UPI has also been a saviour during the Covid-19 pandemic, with its adoption expanding rapidly due to its ability to allow easy, contactless transactions.
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