India tops the world with 46% of real-time digital transactions
What's the story
It is impossible to miss the QR codes adorning even the smallest Indian shops these days. The country has been undergoing a digital payments revolution over the past few years. According to data from MyGovIndia, India topped the world in digital payments made in 2022. In 2021, the country was home to over 40% of real-time digital payments in the world.
Context
Why does this story matter?
India's rise in real-time digital payments has been astronomical. The country, which was once primarily cash-based, has embraced e-payments wholeheartedly. The advent of the unified payment interface (UPI) has played a significant role in making India one of the leaders in digital payments worldwide. Per a study by Boston Consulting Group, the country's digital payments sector is expected to reach $10 trillion by 2026.
No. 1
India recorded 89.5 billion real-time digital payments
In 2022, India recorded 89.5 billion real-time digital transactions, which accounted for 46% of global real-time payments. The country witnessed more digital transactions in the year under review than the rest of the top five countries combined. In 2021, India made 48.6 billion real-time digital payments. This year, the total number of digital transactions almost doubled.
Top 5
Brazil clocked the second-most digital payments
India is followed by Brazil with a total of 29.2 billion digital payments in 2022. China came in at a distant third with 17.6 billion real-time digital transactions. Thailand and South Korea complete the top five.
Reason
UPI recorded over 74 billion transactions in 2022
The rise in UPI transactions is the chief reason behind the massive leap India took in real-time digital payments. According to a report by Worldline, a French payment and transactional services firm, UPI was responsible for over 74 billion real-time digital payments. In March 2023, the Reserve Bank of India (RBI) said daily UPI transactions crossed 360 million.
Information
Bengaluru had the highest number of digital transactions in 2022
Among Indian cities, Bengaluru recorded the highest number of real-time digital payments, says the Worldline report. The city clocked 29 million transactions. It was followed by New Delhi with 19.6 million and Mumbai with 18.7 million transactions.
Twitter Post
India's domination in digital payments continues
Hey, guess what! We ourselves couldn’t fathom the enormity of the number! It is not in millions, but BILLIONS!
— MyGovIndia (@mygovindia) June 10, 2023
India continues to dominate the digital payments space!#9YearsOfTechForGrowth #9YearsOfSeva @GoI_MeitY @AshwiniVaishnaw@Rajeev_GoI @alkesh12sharma @_DigitalIndia pic.twitter.com/XLItsRenSF