India's Digital Payment Boom: A Global Attraction
India's digital payment system, notably the UPI, is transforming transactions globally and within India. The system currently supports 460 million users and 65 million merchants. Government programs like DBT are reducing fraud and saving billions, with huge increases in financial inclusivity over 11 years under Modi's leadership.
- Country:
- India
The digital payment revolution in India has emerged as a focal point on the global stage, according to a recent government document. The Unified Payment Interface (UPI) system, facilitating significant growth among digital transactions, has garnered global collaborations.
In March 2025 alone, UPI transactions touched Rs 24.77 lakh crore, serving 460 million users and 65 million merchants. A surge of small and micropayments highlights the system's integration into daily life. Prime Minister Narendra Modi's administration highlights digital payment integration for increasing transparency and efficiency, specifically through Direct Benefit Transfer (DBT).
The government cites over Rs 3.48 lakh crore savings through DBT from 2015 to March 2023 as evidence of its success in eliminating fraud. Additionally, 55.22 crore Jan Dhan accounts and insurance coverages under PM Suraksha Bima Yojana have expanded to bolster financial inclusivity.
(With inputs from agencies.)
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