India has emerged as a global leader in digital payments with 89.5 million transactions in 2022, surpassing the combined digital payment figures of the next four leading countries. According to a report by MyGovIndia, 46% of real-time payments made worldwide were from India. Prime Minister Narendra Modi hailed India’s success, attributing it to the availability of affordable mobile data. He also noted the transformation of the rural economy spurred by digital payments. The Ministry of Electronics and Information Technology (MeitY) plans to incentivize small RuPay debit card and BHIM-UPI transactions in the current fiscal year to further promote digital payments in the country. The government is also making cross-border payments more accessible, with India and Singapore linking UPI and PayNow, respectively, for low-cost fund transfers between the nations.
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Alex Smith is a writer and editor with over 10 years of experience. He has written extensively on a variety of topics, including technology, business, and personal finance. His work has been published in a number of magazines and newspapers, and he is also the author of two books. Alex is passionate about helping people learn and grow, and he believes that writing is a powerful tool for communication and understanding.
