India tops world ranking in digital payments with 89.5 mn transactions

India with 89.5 million digital transactions in the year 2022 has topped the list of five countries in digital payments, according to data from MyGovIndia.

As per the data, India in the year 2022 accounting for 46 per cent of the global real-time payments, adding that the digital payment transactions in India is more than the other four leading countries combined.

"India keeps dominating the digital payment landscape! With innovative solutions and widespread adoption, we're leading the way towards a cashless economy. #9YearsOfTechForGrowth #9YearsOfSeva@GoI_MeitY@AshwiniVaishnaw@Rajeev_GoI@alkesh12sharma @_DigitalIndia," tweeted MyGovIndia.

 

Second, on the list is Brazil which amounted to 29.2 million transactions followed by China with 17.6 million transactions.

On number 4 is Thailand with 16.5 million digital transactions followed by South Korea with 8 million worth of transactions, the data from MyGovIndia has stated.

MyGovIndia is a Citizen engagement platform of the Government of India, giving people the opportunity to work towards Surajya with their ideas and grass root level of contribution.

Earlier this year, Prime Minister Narendra Modi said that India is number one in digital payments and that the country's rural economy is transforming.

"India is number one in digital payments. India is one of the countries where mobile data is the cheapest. Today, the country's rural economy is transforming," the PM said.

In digital payments, India has been witnessing new milestones, in both value and volume terms, which indicate the robustness of India's payment ecosystem and acceptance, as per RBI experts.