The Busy Brains
11 Jun 2023
India emerges as the leader in digital payment transactions, accounting for 46% of global real-time payments. Explore the data from MyGovIndia, showcasing India's dominance in the digital payment landscape and its progress towards a cashless economy. Discover the rankings of other countries and Prime Minister Narendra Modi's remarks on India's digital transformation.
India has secured the top position in digital payment transactions, with a staggering 89.5 million transactions in 2022, according to data released by MyGovIndia. The country accounted for 46% of global real-time payments during the year, surpassing the combined digital payment transactions of the other four leading countries.
MyGovIndia, in a tweet celebrating India's achievements, highlighted the nation's continuous dominance in the digital payment landscape. With innovative solutions and widespread adoption, India is leading the way towards a cashless economy, symbolizing nine years of technological growth and service to the nation.
Following India, Brazil claimed the second spot with 29.2 million digital transactions, while China secured the third position with 17.6 million transactions. Thailand ranked fourth with 16.5 million digital transactions, and South Korea recorded 8 million worth of transactions, as per the data from MyGovIndia.
MyGovIndia serves as a citizen engagement platform of the Government of India, empowering individuals to contribute ideas and participate in building a prosperous nation from the grassroots level.
Earlier this year, Prime Minister Narendra Modi declared India as the leader in digital payments, emphasizing the country's remarkable progress in this domain and its transformative impact on the rural economy. He highlighted India's standing as one of the countries with the most affordable mobile data, further supporting the growth of 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," the PM said.
The Indian payment ecosystem continues to achieve new milestones in terms of transaction value and volume, showcasing the robustness and acceptance of digital payments in the country, as noted by experts from the Reserve Bank of India (RBI).
India's outstanding performance in digital payment transactions exemplifies its commitment to embracing technology and propelling the nation towards a digitally empowered future.