India’s digital payments transactions more than US, UK, Germany and France

DAVOS: 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.

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