India has continued its dominance when it comes to the digital payment landscape. With 46% of Global Real-Time Payments done by India, it stands at the top globally. As per the data from MyGovIndia, India undertook 89.5 million Real Time Payment Transactions in 2022.
Interestingly, India’s payments are greater than those of the next four leading countries combined. Brazil stands in second place, accounting for 29.2 million real-time payment transactions. China comes in third with 17.6 million, and Thailand and South Korea stand in the fourth and fifth positions with 16.5 million and 8 million, respectively.
Prime Minister Narendra Modi took to Twitter and said, “When it comes to embracing latest technology, the people of India are undisputed champions.” Further, the PM added that this change is visible across India, and we will keep this momentum going in the times to come.
According to the data released by the National Payments Corporation of India (NPCI), the UPI recorded over 7.82 billion transactions worth Rs 12.82 trillion in December 2022, a new record since it was launched in 2016.
India has followed a very unique model of digital transformation. The country focused on creating public digital platforms that are open source, robust, accessible, and have large-scale scalability. After such platforms were established, they became accessible to a wide range of burgeoning startups and private companies, which are now taking advantage of them to develop solutions to the problems faced by people.
Earlier this year, Prime Minister Narendra Modi and Prime Minister of Singapore, Lee Hsien Loong, participated in the virtual launch of cross-border connectivity between the Unified Payments Interface (UPI) of India and PayNow of Singapore, a significant step in enhancing cross-border fintech connectivity. Further, various countries have already partnered with India, and others have expressed their interest in accepting UPI and RuPay in one form or another.
