India accounts for nearly half of the world’s digital payments, holding a 48.5 percent share in global real-time payment volumes, according to a report by the Reserve Bank of India (RBI). The report also highlights India’s leadership in global remittances, receiving USD 115.3 billion in 2023.
Key points from the report include:
- India’s digital economy makes up about a tenth of the GDP, expected to grow to a fifth by 2026.
- Digital payments in India have grown with a compound annual growth rate (CAGR) of 50 percent in volume and 10 percent in value over the last seven years, amounting to 164 billion transactions worth Rs 428 lakh crore in 2023-24.
- The digital revolution in India includes the India Stack, comprising biometric identification, the Unified Payments Interface (UPI), mobile connectivity, digital lockers, and consent-based data sharing.
- Cybersecurity remains a significant challenge, with a sharp increase in security incidents from 53,117 in 2017 to 13,20,106 in January-October 2023, with unauthorized network scanning/probing accounting for over 80 percent of incidents.
- India’s digital technology infrastructure, focusing on next-generation communication technologies like 6G and satellite networks, alongside expanding the 5G network to rural and uncovered urban areas, is identified as a key growth engine.
- Achieving self-sufficiency in chip manufacturing is crucial for harnessing the full potential of the digital revolution.
Question : What percentage of the world’s digital payments is accounted for by India?
A) 35.2 percent
B) 48.5 percent
C) 52.1 percent
D) 60.7 percent
Answer: B) 48.5 percent
India accounts for nearly half of the world’s digital payments, holding a 48.5 percent share in global real-time payment volumes, according to a report by the Reserve Bank of India (RBI).
