Frontrunner in digital payments: India tops world ranking, says MyGovIndia data

India has topped the list for digital payments, surpassing four other nations, with an astounding 89.5 million transactions recorded in 2022.

As perthe data, 46 per centof all real-time payments made worldwide in 2022 were made in India. India has more digital payment transactions than the other four top countries put together, it added.

Brazil is second on the list which accounts for29.2 million transactions followed by China with 17.6 million transactions. Thailand ranked at number 4 with 16.5 million digital transactions followed by South Korea with 8 million worth of transactions, the data from MyGovIndia has stated.

For the current fiscal year, the Ministry of Electronics and Information Technology (MeitY) is promoting digital payments by offering the Incentive Scheme for the Promotion of RuPay Debit Cards and Low-Value BHIM-UPI Transactions.

The Indian government's platform for citizen engagement, MyGovIndia, offers people the chance to contribute at the grassroots level and work towards Surajya.

India is the world leader in digital payments, according to Prime Minister Narendra Modi, who also claimed that the rural economy of the nation is changing.

“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.

The expansion of digital payments in India and the availability of several simple and practical digital payment options have aided in improving the quality of life for residents, promoting financial inclusion, and boosting the country's commerce and economy.

IMF praises India's digital infrastructure

The International Monetary Fund gave India's digital public infrastructure, one of the major success stories of the nation, a thumbs up.

In a recent paper, the IMF praised India's digital public infrastructure and stated that the nation's experience with the internet had "lessons for other countries embarking on their own digital transformation."

The 'India Stack' refers to the nation of India's digital public infrastructure, which includes the Aadhar, Unified Payments Interface (UPI), or digital payments, and Digilocker (an online storage platform).

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As perthe paper, they provide online, cashless, paperless, and private digital access to a range of public and private services.

"India was able to quickly provide support to an impressive share of poor households during the pandemic. In the first months of the pandemic about 87 per cent of poor households received at least one benefit," the paper said.

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