Rise Of Cashless Payments: Bigger Than US In India?

When the Indian government imposed demonetization, critics and people raised a few objections. However, this created a big path for the country to go cashless in payments. For the past few years, India has been doing a great job in this regard. The Unified Payments Interface (UPI) payments are also on the rise.

The UPI payments are also accepted in a few nations. This is the growth UPI payments reached. Now India did a phenomenal job in digital payments. None other than Union External Affairs Minister S Jaishankar spoke about this.

The Minister is in Nigeria. Addressing the Indian community there, Jaishankar made crucial comments on digital payments. He said that cashless payments are increased in the country and the transactions in India are more than in the United States.

Talking about the rise in digital payments, the Minister said that one month payments in the country are equal to the payments made in the US. He also traced the journey of India as a big economy in the world and recalled the crucial junctions.

The Minister said that when the Covid outbreak threw up issues we overcame them and reached a point where we produced the vaccines for the pandemic. Cashless transactions increased in the country and only a few people made cash transactions. The facilities are increasing in the country and we are emerging as the strong economic system in the country, he said.

Cashless transactions indeed increased in the country over the years. People stopped using cash and they are making digital payments. Even the street vendors have scanners and people who pay money use them.

The digital payments reached a point where we can see vendors using them even in remorse areas. People in the border areas are also using the scanners and getting money. With this, the use of cash reduced and digital payments increased.