India has topped the world in digital payments with 89.5 million transactions in 2022, according to a report by MyGovIndia. The report, which was released on June 10, 2023, found that India’s digital payments market grew by 25% in 2022.
The report also found that the number of digital payment users in India increased by 10% in 2022. This growth was driven by the increasing use of smartphones and the growth of e-commerce.
The government has played a key role in promoting digital payments in India. The government has launched a number of initiatives to promote digital adoption, including the Pradhan Mantri Jan Dhan Yojana (PMJDY), which has provided bank accounts to over 400 million people, and the Pradhan Mantri Digital India Mission, which aims to make India a digitally empowered society.
The growth of digital payments in India has a number of benefits for the Indian economy. It can help to reduce corruption, improve financial inclusion, and boost economic growth.
Here are some of the benefits of digital payments:
- Reduced corruption: Digital payments can help to reduce corruption by making it more difficult for people to bribe officials.
- Improved financial inclusion: Digital payments can help to improve financial inclusion by making it easier for people to access financial services.
- Boosted economic growth: Digital payments can boost economic growth by making it easier for businesses to conduct transactions and by increasing the efficiency of the economy.
The growth of digital payments in India is a positive development that has the potential to improve the lives of millions of people.
Additional details from the report:
- The top three digital payment methods in India were Unified Payments Interface (UPI), credit cards, and debit cards.
- The top three sectors for digital payments were retail, transportation, and food and beverage.
- The top three states for digital payments were Uttar Pradesh, Maharashtra, and Tamil Nadu.
The report concludes by stating that India is well-positioned to continue its leadership in the global digital payments market. The government’s initiatives to promote digital adoption, along with the increasing use of smartphones and the growth of e-commerce, are expected to drive further growth in the Indian digital payments market in the coming years.
