India’s Digital Transactions More Than That Of US, China, Europe Combined

A senior trade official today said that real-time digital transactions that India does are more than that are done in the US, China, and Europe put together.

“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, open architecture and open network, which allows everyone to plug in and removes entry barriers,”Anurag Jain, DPIIT secretary, said.

The Department for Promotion of Industry and Internal Trade (DPIIT) Secretary made the remarks during an interactive session on ‘Inclusion on the Back of Technology: Best Practices’ at the CII Partnership Summit 2023 here on Tuesday.

India has emerged as one of the fastest-growing ecosystems for fintech innovation, and the PM Modi-led government has been instrumental in driving the globalisation of India’s digital payment infrastructure.

India has made significant progress in its use of digital wallets and other payment solutions including NEFT, RTGS, and IMPS. So now, just what is RBI’s digital rupee?

If you’re curious to delve deeper into the topic, read more about it here.

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