India leads the world in digital payments; Records 87.5 million transactions
Followed by Brazil and China with 29.2 million and 17.6 million transactions respectively.
India has topped the list of five countries in digital payments with 89.5 million digital transactions in the year 2022, according to data given by MyGovIndia. India accounted for 46% of global real-time payments, stating that the payment transactions in India are more than the other four countries combined.
MyGovIndia, in a tweet, said, “India keeps dominating the digital payments landscape! With innovative solutions and widespread adoption, we’re leading the way towards a cashless economy.”
Other countries on the list were Brazil with 29.2 million, China with 17.6 million, Thailand with 16.5 million, and South Korea with 8 million transactions, according to MyGovIndia data.
MyGovIndia is a citizen engagement platform created by the Government of India, which gives people the opportunity to work towards Surajya with their ideas. Prime Minister Narendra Modi said, “India is number one in digital payments. India is one of the countries where mobile data is the cheapest. Today, the country’s rural economy is transforming.”
India’s rapid rise in digital payment is heavily credited to its UPI system which is open and free for all. Earlier this year, India signed memoranda of understanding (MOUs) with 13 different countries wanting to adopt India’s Unified Payments Interface for digital payments.
