In a major push to the Digital India initiative, the digital payment transactions of India in 2022 were more than the combined digital payments of UK, Germany, France and the US.
This was stated by Union Minister of Railways, Communications, Electronics and Information Technology Ashwini Vaishnaw at the World Economic Forum in Davos.
“India’s digital payments transactions last year were more than the combined digital payments of four big economies- US, UK, Germany, France,” Vaishnaw said.
Recently, it was reported that the volume of Unified Payment Interface (UPI) transactions jumped by over 90 percent and the value by 76 percent between 2021 and 2022.
In the third quarter of FY23, India logged a whopping 23.06 billion digital transactions worth Rs 38.3 lakh crore. The digital transactions included payment done by UPI, debit and credit cards, prepaid payment instruments like mobile wallets, and prepaid cards.
India’s UPI-related transactions saw over 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value, reports said.
PhonePe, Google Pay and Paytm Payments Bank App were among the top three UPI apps in terms of volume and value.