India has emerged as the global leader in digital payments for the year 2022, surpassing other nations in terms of both value and volume of transactions. The data from the government’s citizen engagement platform, MyGovIndia, reveals India’s dominant position in the digital payment landscape, showcasing the country’s robust payment ecosystem and widespread adoption of digital modes.
According to the data, India recorded a staggering 89.5 million digital transactions during the review period. This accounted for a remarkable 46 percent share of the world’s real-time payments in 2022, surpassing the combined digital payments of the next four top countries.
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The growth of digital payments in India has witnessed significant milestones in terms of both value and volume. Experts from the Reserve Bank of India (RBI) highlighted the country’s strong payment ecosystem and the acceptance of digital modes by Indian citizens as key factors contributing to India’s digital payments success.
MyGovIndia acknowledged India’s dominance in the digital payment landscape through a celebratory tweet. The tweet highlighted India’s innovative solutions and widespread adoption of digital payments, which have propelled the country towards a cashless economy. The achievements were marked under the hashtags #9YearsOfTechForGrowth and #9YearsOfSeva, showcasing the country’s progress in digital transformation.
Brazil secured the second position in digital payments with 29.2 million transactions, followed by China at third place with 17.6 million transactions. Thailand and South Korea secured the fourth and fifth spots, respectively, with 16.5 million and 8 million transactions.
Indian Prime Minister Narendra Modi had earlier emphasized that India is the global leader in digital payments, underscoring its transformative impact on the country’s rural economy. He highlighted India’s affordable mobile data services and the resulting digital revolution, which has contributed to the empowerment of rural communities.
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