Davos 2023: India's digital payments transactions more than US, UK, Germany and France, says union minister

In recent times, digital form of payments have increased in the country. The most popular forms of digital payments are Bharat Interface for Money-Unified Payments Interface (BHIM-UPI) and Immediate Payments Service (IMPC). UPI has emerged as the preferred mode of payment for users.

Union minister Ashwini Vaishnaw on Friday said India's digital payments transactions last year exceeded those of the combined digital payments of United States, United Kingdom, Germany and France, ANI reported.

"In December 2022, the digital payments transactions amounted to $1.5 trillion annualised basis. If you compare total digital transactions in US, UK, Germany and France and combine them, India's figures are more than that", the minister said at the World Economic Forum summit in Davos.

In recent times, digital form of payments have increased in the country. The most popular forms of digital payments are Bharat Interface for Money-Unified Payments Interface (BHIM-UPI) and Immediate Payments Service (IMPC). UPI has emerged as the preferred mode of payment for users.

A parliamentary committee wants the government to give incentives for use of digital payment tools like phone apps, e-wallets, credit cards.(Getty Images/iStockphoto)

In December last year, the UPI payments hit a record high of ₹12.82 lakh crore. During the same month, a total of 782 crore transactions were carried out, PTI reported.

This is more than October's tally when the digital payments through UPI had hit the ₹12 lakh crore mark. In November, as many as 730.9 crore transactions worth ₹11.90 lakh crore had taken place via UPI.

In simple words, UPI is an instant real-time payment system which helps inter-bank transactions. This transaction is carried out through mobile in easy steps. There are no charges applicable for UPI transactions.

(With PTI inputs)