In 2022, there were a record-breaking 74 billion UPI transactions, the highest in digital payment volumes. There has been a huge rise in digital payments with 9.3 billion transactions in June 2023, with a total transaction value of ₹1,475 lakh crore. Fintechs disbursed 10 times higher consumption loans in FY 2022-23 as compared to FY 2018-19. India has cemented its position as a pioneer in developing and integrating digital infrastructure. Stats show that 1.3 billion individuals have enrolled in Aadhaar, which stands as the world’s largest and most expansive unique digital identity program in the world. According to a research report by TransUnion CIBIL there is more. In 2022, there were a record-breaking 74 billion UPI transactions, the highest in digital payment volumes in the world. The Indian smartphone usage for financial services has increased. Data shows that there were 28 billion app downloads in 2022 in the country which accounted for 5% of total global app downloads. One in three Indians own a smartphone – over 667 million smartphone owners in 2022 in India, as per the data. India also had 531 million net-commerce users and out of this almost half shopped online in the reported year, thus […]
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