India leading the world in Digital Payments

“India is today leading the world in digital payments in particular and also becoming pre-eminent country in use of technology to improve citizens lives and Governance – The India stack and other various digital government solutions are now envy of the world’s nations – India Leads Digital and Digital Leads India thanks to PM Narendra Modi ji’s vision”, said Union Minister of State for Electronics & Information Technology and Skill Development & Entrepreneurship, Shri Rajeev Chandrasekhar while speaking about the successful model of Digital Payments and Direct Benefit Transfer (DBT), which is benefiting millions of Indian citizens.

More than Rs 24.8 lakh crore has been transferred through DBT mode since 2013, Rs 6.3 lakh crore in FY 2021-22 alone; on an average >90 lakh DBT payments are processed daily (in FY 2021-22). Under the 11th installment of PM Kisan Samman Nidhi Yojana, around Rs 20,000 crore was transferred directly into bank accounts of more than 10 crore beneficiaries (more than 10 crore transactions at click of a button on a single day).

As far as Digital Payments are concerned, more than 8,840 crore digital payment transactions performed during 2021-22 and nearly 3,300 crore in FY 2022-23 (upto 24th of July 2022); on average 28.4 crore digital transactions are performed in a day.

This success story of India in creation of digital assets (DBT, JAM trinity, NPCI etc) can be an example from which not only ‘developing’ but also ‘developed’ countries may learn.

Read Also : THDC India Limited Commemorates Constitution Day with Enthusiasm and Reverence