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India’s pioneering digital payment initiatives attract attention of G20 Summit participants

by Dubai Forum
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NEW DELHI, 10th September, 2023 (WAM) – As part of its participation in the 18th Group of 20 (G20) Heads of State and Government Summit, held in New Delhi, the Republic of India showcased its incredible track record in delivering pioneering financial services and digital payments, through the Reserve Bank of India, a key pillar of the country’s digital payment network.

Such pioneering solutions introduced by India are especially important with the G20 Summit agenda focusing on the digital economy and digital transformation, as well as the importance of developing digital infrastructure.

In statements to the Emirates News Agency (WAM) on the sidelines of the summit, a number of India’s officials specialised in digital payments said that India’s fintech sector has seen massive growth in the past few years, which contributed to boosting digitisation across financial systems and the cashless economy, especially as consumers are shifting to digital alternatives when seeking financial transactions and services.

According to the International Monetary Fund (IMF), India’s digital payment volume climbed at an average annual rate of about 50 percent over the past five years, the world’s fastest growth rate. Meanwhile, the South Asian country’s unique, real-time, mobile-enabled system, the Unified Payments Interface (UPI), saw an expansion of about 160 percent annually, with transactions rising to a record 5.86 billion in June 2022. Another major highlight is that the number of participating banks in India jumped 44 percent, to 330.

Amjad Saleh

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