According to Union Minister Ashwini Vaishnaw, digital payments in India last year totaled more than those in the United States, the United Kingdom, Germany, and France all together, according to ANI.
“Digital payment transactions totaled $1.5 trillion on an annualised basis in December 2022. India’s numbers are higher if you aggregate the total digital transactions in the US, UK, Germany, and France “the minister declared at the Davos World Economic Forum conference.
Digital payment methods have become more prevalent in the nation recently. Bharat Interface for Money-Unified Payments Interface (BHIM-UPI) and Immediate Payments Service are the two most widely used digital payment methods (IMPC). Users now favour UPI as their preferred method of payment.
The UPI payments reached a record high of 12.82 lakh crore in December of last year. A total of 782 crore worth of transactions were made in the same month, according to PTI.
This number surpasses the total from October, when digital payments made through UPI reached the milestone of 12 lakh crore. Up to 730.9 crore transactions totaling 11.90 lakh crore had been made via UPI in November.
UPI, to put it simply, is a real-time instant payment system that supports interbank transactions. Simple procedures are taken to complete this transaction with a mobile device. No fees are associated with UPI transactions.
