India’s digital payments in 2022 more than US, UK, Germany, France combined



New Delhi/Davos: In a significant push to the Digital India initiative, the digital fee transactions of India in 2022 had been more than the combined digital payments of UK, Germany, France and the US.

This was said by Union Minister Of Railways, Communications, Electronics and Information Technology Ashwini Vaishnaw at World Economic Forum in Davos.

“India’s digital payments transactions last year were more than the combined digital payments of four big economies- US, UK, Germany, France,” Vaishnaw stated.

Recently, it was reported that the quantity of Unified Payment Interface (UPI) transactions jumped by over 90 per cent and the worth by 76 per cent between 2021 and 2022.

In the third quarter of FY23, India logged a whopping 23.06 billion digital transactions value Rs 38.three lakh crore. The digital transactions included fee finished by UPI, debit and bank cards, pay as you go fee devices like cell wallets, and pay as you go playing cards.

India’s UPI-related transactions noticed over 19.65 billion transactions in quantity and Rs 32.5 lakh crore in phrases of worth, reviews stated.

PhonePe, Google Pay and Paytm Payments Bank App had been among the many high three UPI apps in phrases of quantity and worth.

(With inputs from businesses)

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