New Delhi: India’s participation in the growing digital payments worldwide has significantly increased. In terms of transactions and overall share, India’s performance is much better compared to the rest of the world. The volume of digital transactions in India has quadrupled from 2018-19 to 2021-22. Remarkable growth has been witnessed in digital payments due to demonetization and the COVID pandemic. There has been a 360 percent increase in the number of accounts in UPI banks in India. UPI has experienced significant growth, processing over 10 billion transactions monthly. The international recognition of UPI is not only benefiting Indians but also proving highly advantageous for countries with a large number of travelers and immigrants from India. Furthermore, India is emerging as a leader in terms of digital infrastructure compared to many other countries. By sharing its digital infrastructure stack including UPI, Digilocker, and India Stack with other nations, India is strengthening its position globally.
