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According to recent government data, India has emerged as the global leader in digital payments, showcasing its dominance in the digital payment landscape. With 89.5 million digital transactions in 2022, India surpassed the other four leading countries combined. The data further revealed that India accounted for 46 percent of global real-time payments, solidifying its position as the frontrunner in this domain.
Innovative Solutions Drive India's Success
India's success in digital payments can be attributed to its innovative solutions and widespread adoption. The country's commitment to a cashless economy has propelled its efforts in this direction. The government's citizen engagement platform, MyGovIndia, highlighted India's achievements and stated that the nation continues to lead the way with its digital payment landscape.
International Rankings: Brazil, China, Thailand, and South Korea Follow
Following India on the list of digital payment leaders is Brazil, with 29.2 million transactions, followed by China with 17.6 million transactions. Thailand secured the fourth position with 16.5 million digital transactions, while South Korea completed the top five with 8 million worth of transactions, according to the data from MyGovIndia.
Prime Minister's Assertion & Rural Transformation
Earlier this year, Prime Minister Narendra Modi emphasized India's prowess in digital payments, claiming the country's top rank in this field. He further highlighted the transformative impact on India's rural economy, stating that India's rural areas are undergoing a significant transformation.
Regulating AI to Safeguard Digital Citizens
During a recent press briefing, IT Minister Rajeev Chandrasekhar showcased India's progress in digitization over the past nine years. He emphasized the need to regulate artificial intelligence (AI) to ensure the protection of "digital citizens" and prevent user harm. The government's approach to AI regulation will revolve around mitigating user harm through technology. Chandrasekhar also announced the upcoming introduction of the digital personal data protection bill in Parliament, with stakeholder consultations set to begin this month. These initiatives aim to safeguard citizens' digital privacy and security.
India's Resilient Payment Ecosystem
Experts from the Reserve Bank of India (RBI) have acknowledged the milestones achieved by India in digital payments, both in terms of value and volume. These achievements signify the robustness and acceptance of India's payment ecosystem. India's commitment to digitalization continues to drive its progress, positioning the country as a global leader in the digital payment landscape.