India sees highest number of digital transactions in the year 2022; Brazil and China follows
Ever since the Government of India launched the “Digital India” program on July 1, 2015; the wave of digitalization kept on flowing constantly. From cashless payments and online payment methods in almost every domain, India is one of the most highly digitally functioning countries.
Recent data analysis reports from MyGovIndia state that India stands as one of the top 5 countries when it comes to digital payments. According to the report, India saw a digital transaction of 89.5 million in total, in the financial year 2022.
The report speculated that this amounts to 46 percent of the total digital payments by the top five digitally paying countries. India’s digital payment statistics are more than the net digital payment by the other four countries.
Brazil, which stands in second place, saw a total of 29,2 million transactions in 2022. China on the other hand saw 17.6 million transactions. While Thailand stands in fourth place with 16.5 million transactions, South Korea had 8 million digital transactions in 2022.
Prime Minister of India, Narendra Modi, earlier expressed this year that India is the leading nation in the digital payments sector. He emphasized that India’s rural economy is undergoing a major transformation.
RBI experts are of the view that India is achieving new milestones both in terms of value and volume, in regard to digital payment.
