Boasting about the country's extensive and fast&nbsp;digital payment ecosystem, India's External Affairs Minister S Jaishankar on Sunday (Jan 21) claimed that the number&nbsp;of cashless transactions the United States does in three years, India does in a month.

The EAM made the comment while interacting with people of the Indian community during his official Nigeria trip.&nbsp;

"The life of every Indian citizen has become easier and this is because we have embraced technology in a very deep way. You can see this in payment, very few people today pay in cash and very few people accept cash," said Jaishankar.&nbsp;

"Today, we do as many cashless payments in India in a month as much as America does in three years," Jaishankar added.&nbsp;

Most Western nations have struggled to move to a cashless economy but in India, even the poorest have seamlessly adopted the novel payment system.&nbsp;

Jaishankar also highlighted that India was among the fastest-growing economies of the world and that business sentiment about New Delhi had greatly improved.&nbsp;

"Today, what is happening in the economy, we are the fastest-growing big economy in the world, but it is much more than that. Today, if you see the economic activity in India, wherever you go, something is being built. A metro is being built, a road is being built, new airports are coming up, new trains are coming up, railway stations are coming up. If you go to your village, piped water is coming up, there is an electricity connection coming," Jaishankar said.

<a href="https://www.wionews.com/videos/upi-to-take-over-90-of-retail-digital-payments-in-india-597688">WATCH |&nbsp;UPI to take over 90% of retail digital payments in India</a>

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<h2>UPI's introduction in India</h2>

It was in 2016 that the National Payments Corporation of India (NPCI) introduced the&nbsp;Unified Payments Interface (UPI) technology&nbsp;to the country. PhonePe was one of the first platforms to integrate UPI into its system.

A year later, several competitors followed suit and since then, UPI has transformed into a behemoth that even foreign nations are looking to get their hands on. The UAE, Singapore, Nepal and Bhutan have already adopted UPI, with a few more countries waiting to join the bandwagon.

<a href="https://www.wionews.com/india-news/upi-wallets-for-g20-delegates-as-india-showcases-its-digital-infra-prowess-633223">Also read |&nbsp;UPI wallets for G20 delegates as India showcases its digital infra prowess</a>

Last week,&nbsp;Google India Digital Services and NPCI signed a&nbsp;Memorandum of Understanding (MoU) to expand UPI to countries beyond India. Google stated the objective of the MoU was to help accelerate&nbsp;UPI’s global acceptance and help&nbsp;Indian consumers who will no longer have to rely only on foreign currency or credit and forex cards.&nbsp;

(With inputs from agencies)

Boasting about the country's extensive and fast digital payment ecosystem, India's External Affairs Minister S Jaishankar on Sunday (Jan 21) claimed that the number of cashless transactions the United States does in three years, India does in a month.

Boasting about the country's extensive and fast digital payment ecosystem, India's External Affairs Minister S Jaishankar on Sunday (Jan 21) claimed that the number of cashless transactions the United States does in three years, India does in a month. The EAM made the comment while interacting with people of the Indian community during his official Nigeria trip. "The life of every Indian citizen has become easier and this is because we have embraced technology in a very deep way. You can see this in payment, very few people today pay in cash and very few people accept cash," said Jaishankar. "Today, we do as many cashless payments in India in a month as much as America does in three years," Jaishankar added. Most Western nations have struggled to move to a cashless economy but in India, even the poorest have seamlessly adopted the novel payment system. Jaishankar also highlighted that India was among the fastest-growing economies of the world and that business sentiment about New Delhi had greatly improved. "Today, what is happening in the economy, we are the fastest-growing big economy in the world, but it is much more than that. Today, if you see the economic activity in India, wherever you go, something is being built. A metro is being built, a road is being built, new airports are coming up, new trains are coming up, railway stations are coming up. If you go to your village, piped water is coming up, there is an electricity connection coming," Jaishankar said. WATCH | UPI to take over 90% of retail digital payments in India UPI's introduction in India It was in 2016 that the National Payments Corporation of India (NPCI) introduced the Unified Payments Interface (UPI) technology to the country. PhonePe was one of the first platforms to integrate UPI into its system. A year later, several competitors followed suit and since then, UPI has transformed into a behemoth that even foreign nations are looking to get their hands on. The UAE, Singapore, Nepal and Bhutan have already adopted UPI, with a few more countries waiting to join the bandwagon. Also read | UPI wallets for G20 delegates as India showcases its digital infra prowess Last week, Google India Digital Services and NPCI signed a Memorandum of Understanding (MoU) to expand UPI to countries beyond India. Google stated the objective of the MoU was to help accelerate UPI’s global acceptance and help Indian consumers who will no longer have to rely only on foreign currency or credit and forex cards. (With inputs from agencies)

'India does as many cashless payments in 1 month as US in...': Minister Jaishankar boasts of digital infra

India has topped the list for digital payments, surpassing four other nations, with an astounding 89.5 million transactions recorded in 2022.

As per&nbsp;the data, 46 per cent&nbsp;of 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 for&nbsp;29.2 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.

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📈 India keeps dominating the digital payment landscape! 💸🇮🇳 With innovative solutions and widespread adoption, we're leading the way towards a cashless economy. 💻<a href="https://twitter.com/hashtag/9YearsOfTechForGrowth?src=hash&amp;ref_src=twsrc%5Etfw">#9YearsOfTechForGrowth</a> <a href="https://twitter.com/hashtag/9YearsOfSeva?src=hash&amp;ref_src=twsrc%5Etfw">#9YearsOfSeva</a><a href="https://twitter.com/GoI_MeitY?ref_src=twsrc%5Etfw">@GoI_MeitY</a> <a href="https://twitter.com/AshwiniVaishnaw?ref_src=twsrc%5Etfw">@AshwiniVaishnaw</a> <a href="https://twitter.com/Rajeev_GoI?ref_src=twsrc%5Etfw">@Rajeev_GoI</a><a href="https://twitter.com/alkesh12sharma?ref_src=twsrc%5Etfw">@alkesh12sharma</a> <a href="https://twitter.com/_DigitalIndia?ref_src=twsrc%5Etfw">@_DigitalIndia</a> <a href="https://t.co/cSfsFsq0mW">pic.twitter.com/cSfsFsq0mW</a>
— MyGovIndia (@mygovindia) <a href="https://twitter.com/mygovindia/status/1667207266888740864?ref_src=twsrc%5Etfw">June 9, 2023</a></blockquote>
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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.

Also read |&nbsp;<a href="https://www.wionews.com/technology/data-lab-india-and-ai-are-we-ahead-of-the-curve-588533">Data Lab | India and AI: Are we ahead of the curve?</a>

<h2>IMF praises India's digital infrastructure</h2>

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).

Also watch |&nbsp;India High Commission organizes first defence exhibition in Sri Lanka

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As per&nbsp;the 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.

&nbsp;

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India has topped the list for digital payments, surpassing four other nations, with an astounding 89.5 million transactions recorded in 2022. As per the data, 46 per cent of all real-time payments made worldwide in 2022 were made in India.

India has topped the list for digital payments, surpassing four other nations, with an astounding 89.5 million transactions recorded in 2022. As per the data, 46 per cent of 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 for 29.2 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. 📈 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 pic.twitter.com/cSfsFsq0mW — MyGovIndia (@mygovindia) June 9, 2023 × 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. Also read | Data Lab | India and AI: Are we ahead of the curve? 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). Also watch | India High Commission organizes first defence exhibition in Sri Lanka As per the 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. WATCH WION LIVE HERE:

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

The Delhi-National Capital Region (NCR) has emerged as India's digital payments capital while Katpadi in Tamil Nadu is the fastest-growing city for digital payments with seven times growth this year, according to a report by Paytm on Wednesday (December 28).

One97 Communications announced the release of Paytm 2022 Recap- highlighting the interesting trends of transactions made through Paytm in 2021.&nbsp;

The report said Noida and Nagpur saw the highest percentage of spending via Paytm on micro-sellers or street-side vendors. Two cities in Tamil Nadu- Chennai and Trichy had the highest percentage of offline payments on food and beverages.&nbsp;

Amritsar city in Punjab had the highest spending on health and grooming through the digital payments platform, news agency ANI reported.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/technology/paytm-shares-tumble-as-softbank-sells-200-million-worth-stake-535026">Paytm shares tumble as SoftBank sells 4.5% stake worth $200 million</a>

The report also said that Paytm's market also saw growth in Northeast India with the fastest growing cities for Unified Payments Interface (UPI) being Arunachal Pradesh's Lohit, South Sikkim and Ranipool and Assam's Guwahati, Dibrugarh, Jorhat and Kamrup.&nbsp;

It added that Paytm UPI is one of the most preferred payment methods for Indians and users can check their individual journey with the company this year by visiting paytm.com/recap. Two of the most common names among Paytm users were Rahul and Pooja.&nbsp;

Paytm said in the report that the maximum number of payments were done at 7.23 pm with Wednesday being the busiest day in the week for digital transactions. The company also added it helped users avoid more than 1.61 billion trips to ATMs.

Paytm further said it was taking digital payments far and wide, driving financial inclusion with two out of three of its new users coming from smaller cities and towns.&nbsp;

(With inputs from agencies)

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The Delhi-National Capital Region (NCR) has emerged as India's digital payments capital while Katpadi in Tamil Nadu is the fastest-growing city for digital payments with seven times growth this year, according to a report by Paytm on Wednesday (December 28).

The Delhi-National Capital Region (NCR) has emerged as India's digital payments capital while Katpadi in Tamil Nadu is the fastest-growing city for digital payments with seven times growth this year, according to a report by Paytm on Wednesday (December 28). One97 Communications announced the release of Paytm 2022 Recap- highlighting the interesting trends of transactions made through Paytm in 2021. The report said Noida and Nagpur saw the highest percentage of spending via Paytm on micro-sellers or street-side vendors. Two cities in Tamil Nadu- Chennai and Trichy had the highest percentage of offline payments on food and beverages. Amritsar city in Punjab had the highest spending on health and grooming through the digital payments platform, news agency ANI reported. ALSO READ | Paytm shares tumble as SoftBank sells 4.5% stake worth $200 million The report also said that Paytm's market also saw growth in Northeast India with the fastest growing cities for Unified Payments Interface (UPI) being Arunachal Pradesh's Lohit, South Sikkim and Ranipool and Assam's Guwahati, Dibrugarh, Jorhat and Kamrup. It added that Paytm UPI is one of the most preferred payment methods for Indians and users can check their individual journey with the company this year by visiting paytm.com/recap. Two of the most common names among Paytm users were Rahul and Pooja. Paytm said in the report that the maximum number of payments were done at 7.23 pm with Wednesday being the busiest day in the week for digital transactions. The company also added it helped users avoid more than 1.61 billion trips to ATMs. Paytm further said it was taking digital payments far and wide, driving financial inclusion with two out of three of its new users coming from smaller cities and towns. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Paytm says Delhi-NCR emerges as India's digital payments capital: Report

India witnessed the highest number of real-time online transactions in 2020, trumping China and United States. Take a look at global scores and predictions in this video to find out more.

India trumps China, US with record digital transactions in 2020