India has topped the list for digital payments and recorded 89.5 million transactions in 2022, according to a report. Interestingly, India's payments are more than the digital payments made in the next four leading countries combined.
According to the data provided by MyGovIndia, the citizen engagement platform of Government of India, 46% of all real-time payments made worldwide in 2022 were made in India.
Brazil is second on the list accounting for 29.2 million transactions, followed by China with 17.6 million transactions. The top list is completed by Thailand, ranked at number 4, with 16.5 million digital transactions and South Korea with 8 million of transactions in 2022.
'India number 1 in digital payments'
Earlier this year, Prime Minister
Narendra Modi
said that India is number one in digital payments.
"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," he noted.
The
Ministry of Electronics and Information Technology
(MeitY) said it will offer the Incentive Scheme for the Promotion of RuPay Debit Cards and Low-Value BHIM-UPI Transactions for the current fiscal year. This is done in order to promote digital payments in the country.
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.
Expansion of digital payments
Apart from promoting
UPI
in India, the government is also pushing to make cross-border payments easy. Earlier this year, India and Singapore linked their respective digital payments systems, UPI and PayNow. This will allow users to quickly make low-cost fund transfers between the two nations.
