Tuesday, January 31, 2023

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India’s digital payments more than combined economy of US, UK, Germany and France: Vaishnaw at WEF

World Economic Forum: Union Information and Technology Minister Ashwini Vaishnaw on Friday highlighted India’s fintech-driven solutions and the country’s digital payments revolution on the World Economic Forum stage.

Vaishnaw informed that When compared to the economies of the US, UK, Germany, and France combined, India’s digital payment transactions totaled $ 1.5 trillion annually.

He emphasised the extent to which the adoption of digital payments has grown while participating in a panel discussion. “The quantity of digital payment transactions in December 2022 was Rs 1.5 trillion (annualised basis). The total amount of digital transactions in the US, the UK, Germany, and France are comparable. It is more than just adding up the four and multiplying it by four “At the present WEF, he added.

As part of the Indian government’s plan to digitise the financial sector and economy, digital payment transactions have been steadily rising over the past several years. Additionally, financial inclusion has been promoted as one of the key national goals of the nation through concerted efforts.

In recent years, India has experienced a technology revolution on the governance front as well. Government services have gradually adapted, and today last-mile delivery can be completed in a matter of seconds with the click of a mouse.

The JAM Trinity, which stands for Jan Dhan, Aadhaar, and Mobile, is the key enabler at the heart of India’s revolutionised digital payment landscape.

UPI: Since its launch in 2016, it has grown to become one of the most used platforms for conducting digital transactions in the nation. The National Payments Corporation of India invented the immediate payment system known as UPI (NPCI). It integrates different banking services, seamless fund routing, and merchant payments into one hood, powering several bank accounts into a single mobile application.

The incentive programme with a budget of Rs 26 billion for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M) for 2022–2023 was authorised by the Union Cabinet on January 11, 2023.

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