BANKING AFFAIRS

Detailed explanation-1: -India’s overall ranking on the government’s adoption of e-payments has moved up to 28th in 2018, from 36th in 2011, but it needs to do more on digital infrastructure access and socio-economic factors, a survey said Wednesday.

Detailed explanation-2: -India, which is driving the global digital economy, has already clocked about 70 billion digital payment transactions in 2022-the highest in the world. This is a sharp increase from the corresponding figure of 44 billion in 2021, according to data collation portal Statista.

Detailed explanation-3: -2022 was a great year for India’s digital payments framework, or UPI, on all fronts – be it the number of transactions or their total value. At the end of the calendar year 2022, UPI’s total transaction value stood at INR 125.95 Lakh Cr, up 1.75X year-on-year (YoY), as per the NCPI.

Detailed explanation-4: -Digital payments trump cash transactions in India with 93% adoption rate. The report tells that 90% of Indian consumers use digital tools for at least one financial task. Here is what more it says about the financial behaviour of the users in India.