India is recognised as a world leader in digital payments, accounting for nearly half of all real-time digital transactions globally. The Unified Payments Interface (UPI) is the cornerstone of India’s digital payment ecosystem. It processed over 18,580 crore transactions worth ₹261 trillion in the 2024-25 financial year.
New Delhi: Union Finance Minister Nirmala Sitharaman on Tuesday stated that digital payment adaptability in India has reached 87%, a figure she contrasted with a global average of 60%.
In an interaction with students after inaugurating the dhaRti BioNEST Incubation Centre at IIT Dharwad, Sitharaman said, ‘Digital adaptability in payments in India is around 87 per cent, whereas globally, it is still in the range of 60s, that’s the level of fintech revolution.”
India is recognised as a world leader in digital payments, accounting for nearly half of all real-time digital transactions globally. The Unified Payments Interface (UPI) is the cornerstone of India’s digital payment ecosystem. It processed over 18,580 crore transactions worth ₹261 trillion in the 2024-25 financial year.
The high adoption rate is attributed to India’s robust Digital Public Infrastructure (DPI), which includes Aadhaar, UPI, and DigiLocker. This infrastructure has helped bring millions into the formal financial system.
Fintech is viewed as more than just an urban convenience, but as a crucial enabler of economic empowerment nationwide. The adoption of digital payments is strengthening in tier-2 and tier-3 cities, fueled by rising internet and smartphone penetration.