India’s digital transactions more than US, China, Europe combined
With fintech innovation, India’s digital transactions are more than that are done in the US, China or Europe
Parul March 15, 2023
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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.
Also Read: How UPI powers digital payment ecosystem
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.
“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,” said Anurag Jain.
According to J Venkatramu, MD and CEO, India Post Payments Bank, technology has become an integral part of financial inclusion.
“A lot of training is required for end-users towards embracing technology. Financial literacy camps and enabling users to use smartphones has been an inflection point for banking. Going forward, capacity-building efforts for end-users will provide greater impetus for embracing technology,” J Venkatramu added.