New Delhi: With Digital India, digital payment made its foray in India and within a short time caught the imagination of the people. With 46 per cent 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. 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. MyGov has been established as Government of India's Citizen Engagement Platform which collaborates with multiple Government bodies/Ministries to engage with citizens for policy formulation and seeks the opinion of people on issues/topics of public interest and welfare.
Prime Minister Narendra Modi took to Twitter and said, “When it comes to embracing the 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. The growth of the digital ecosystem in India has been driven by a number of factors, including the government's push towards digitalization, an increase in internet and smartphone penetration, and the rise of e-commerce.
The Indian government has been actively promoting the use of digital technologies through various initiatives such as Digital India, Make in India, and Startup India. These initiatives aim to increase the use of digital technologies in various sectors such as healthcare, education, and agriculture, and also to create a conducive environment for flourishing start-ups. The increase in internet and smartphone penetration in India has also played a major role in the growth of the digital ecosystem.
According to a report by the Internet and Mobile Association of India, the number of internet users in India is expected to reach 800 million by 2023. This increase in internet users has also led to an increase in the number of mobile wallet users in India, which is expected to reach 900 million by 2025.
