According to a top trade official from the Department for Promotion of Industry and Internal Trade (DPIIT), India accounts for more real-time digital transactions than the US, China and Europe collectively. an interactive session ‘.
DPIIT secretary, Anurag Jain made the remarks while speaking at the CII Partnership Summit 2023 held in Delhi on March 14, 2023. “Real development happens when every citizen is able to make choices about what they want to do with their life without worrying about the basic necessities of life,” he said.
“India has a paperless, presence-less, and cashless solution for everything. The public digital infrastructure of India is unique. It is based on open systems, opens architecture and open network, which allows everyone to plug in and removes entry barriers,” he added.
On real-time payments status in the country, Union Minister of State for Finance, Dr Bhagwat Kisanrao Karad shared in a written reply to a question in the current session of parliament in Lok Sabha that “there has been a growth of more than 200 per cent in digital payment volume during the last four years since 2018-19.”
According to government data, during the financial year 2018-19, real-time digital transactions in volume, India recorded over 23.28 billion (2328 Crore) real-time transactions. In 2019-20 the number was 34.0025 billion ((3400.25 Crores), in 2020-21 43.74 billion (4374.45 Crore) and during 2021-22 total of 71.97 billion(7197.68 Crore) real-time transaction were made.
Based on shared real-time transaction figures, the Minister underlined “As per the data sourced from National Payments Corporation of India (NPCI), UPI transactions registered in FY 21-22 were 45 billion, showing 8 times growth in the last 3 years and 50 times growth in last 4 years.”