According to data sourced from MyGovIndia India is at the top with the most number of digital payments, surpassing four other countries, with a staggering 89.5 million digital transactions recorded in 2022.
MyGovIndia is a platform by the Indian government that allows citizens to engage and contribute at the grassroots level.
Overtaking other nations
India contributed to a significant 46 percent of worldwide real-time payments making it predominant in the digital payment space.
Its digital payment volume surpassed the combined transactions of the other leading countries in this domain.
The others trailing behind
Brazil ranked second with 29.2 million transactions, while China stood in third place with 17.6 million transactions.
Thailand secured the fourth position with 16.5 million digital transactions, while South Korea recorded transactions worth 8 million
Transformative impact
Prime Minister Narendra Modi had highlighted India’s leadership in digital payments and its transformative impact on the country’s rural economy.
He said, “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.”
Growth
Experts from the RBI said India’s digital payments sector has been achieving significant milestones in terms of both value and volume.
This is an encouraging sign of the strength and widespread acceptance of the country’s payment ecosystem.
