India’s digital transactions more than US, China, Europe combined: Trade official

India has emerged as one of the fastest growing ecosystems for fintech innovation.

New Delhi:

A senior trade official today said that India’s real-time digital transactions are more than those of the US, China and Europe combined.

“India has a paperless, presenceless and cashless solution for everyone. India’s public digital infrastructure is unique. It is based on open systems, open architecture and an open network, enabling everyone to connect and removing barriers to entry,”Anurag Jain, Secretary, DPIIT.

The Secretary, Department of Promotion of Industry and Domestic Trade (DPIIT) said this in an interactive session on ‘Inclusion Behind Technology: Best Practices’ at the CII Partnership Summit 2023 on Tuesday.

India has emerged as one of the fastest-growing ecosystems for fintech innovation, and the government led by Prime Minister Modi has been instrumental in the globalization of India’s digital payment infrastructure.

“Real development will come when every citizen can make choices about how they want to live their lives 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.

“End-users need a lot of training to adopt the technology. Financial literacy camps and enabling users to use smartphones has been a turning point for banking. Going forward, end-user capacity building will give a big boost to technology adoption,” added J Venkatramu.

(Except for the headline, this story was not edited by NDTV staff and was published on a syndicated channel.)

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