March 1, 2024
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India’s Digital Transactions More Than That Of US, China, Europe Combined: Trade Official

According to a top trade official, India conducts more real-time digital transactions than the US, China, and Europe combined.

“India has a paperless, presence-less, and cashless solution for everything. The public digital infrastructure of India is unique. It is based on open systems, open architecture and open network, which allows everyone to plug in and removes entry barriers,”Anurag Jain, DPIIT secretary, said.

The comments were delivered by the Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT) during an interactive session on “Inclusion on the Back of Technology: Best Practices” on Tuesday at the CII Partnership Summit 2023 in this city.

India has emerged as one of the most rapidly expanding fintech innovation ecosystems, and the PM Modi-led administration has played a key role in accelerating the internationalisation of India’s digital payment infrastructure.

“Real development happens when every citizen is able to make choices about what they want to do with their life without worrying about the basic necessities of life,” said Anurag Jain.

According to J Venkatramu, MD and CEO, India Post Payments Bank, technology has become an integral part of financial inclusion.

“A lot of training is required for end-users towards embracing technology. Financial literacy camps and enabling users to use smartphones has been an inflection point for banking. Going forward, capacity-building efforts for end-users will provide greater impetus for embracing technology,” J Venkatramu added.

Picture Courtesy: Google/images are subject to copyright

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