India has the world's biggest amount of real-time transactions, totaling 48 billion

India has the world’s biggest amount of real-time transactions, totaling 48 billion

India's payments system has been bolstered by the fact that it registered the highest number of real-time transactions in the world last year, with 48 billion.

India’s payments system has been bolstered by the fact that it registered the highest number of real-time transactions in the world last year, with 48 billion. India surpassed China, which had 18 billion real-time transactions, and was 6.5 times larger than the United States, Canada, the United Kingdom, France, and Germany combined.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

KEY POINTS:

This could be attributed to merchants’ increasing adoption and use of UPI-based mobile payment apps and QR code payments.
The growth can also be attributed to the increased usage of digital payments during the Covid-19 outbreak, which enabled India’s real-time payments secure 31.3 percent of overall payment volume last year.
Furthermore, India’s real-time payments share of total global payments volume is expected to exceed 70% by 2026, resulting in $92.4 billion in net savings for businesses and consumers.
According to the Centre for Economics and Business Research, real-time payments saved Indian firms and consumers $12.6 billion in 2021, unlocking $16.4 billion in economic activity, or 0.56 percent of the country’s GDP or the output of about 2.5 million workers.
According to Cebr, if all payments in India were made in real time, GDP might rise by 3.2 percent theoretically.