India has emerged as a global leader in digital payments, according to data from MyGovIndia, with a staggering 89.5 million digital transactions in the year 2022. This remarkable figure places India at the top of the list, surpassing the combined digital payment transactions of the other four leading countries. The data further reveals that India accounted for 46 percent of global real-time payments, highlighting the country’s dominance in the digital payment landscape.
Following India, Brazil secures the second spot on the list with 29.2 million digital transactions, while China ranks third with 17.6 million transactions. Thailand takes the fourth position with 16.5 million digital transactions, and South Korea follows with 8 million worth of transactions, according to data from MyGovIndia.
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The widespread adoption of innovative solutions has played a crucial role in India’s success in digital payments. The country has been at the forefront of embracing cashless transactions, paving the way towards a more robust and efficient economy. The government’s Citizen engagement platform, MyGovIndia, has facilitated this transformation by providing a platform for citizens to contribute ideas and actively participate in the nation’s progress.
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India’s achievements in digital payments are further bolstered by the words of Prime Minister Narendra Modi, who earlier this year declared India as the number one country in digital payments. He highlighted the affordability of mobile data in India, which has played a pivotal role in enabling widespread access to digital payment services. Moreover, Prime Minister Modi emphasized the transformation of India’s rural economy, indicating that the benefits of digital payments have reached even the most remote parts of the country.
The country’s continuous advancements in digital infrastructure, coupled with the government’s push for financial inclusion, have created an environment conducive to the growth of digital payments.
India’s position as a global leader in digital payments not only showcases its technological prowess but also underscores the country’s commitment to building a more inclusive and efficient financial system.
