India beats China and USA in digital transaction's

 India is ahead of China.

Digital payments:-  India beats China-US others in 2020, leads the global tally with this many transactions. 

Why a huge increase happened in online payment option.

This major change just happened because of lockdown in India and one another reason is, There are so many payment platforms for online payment, are available and they promote themselves in front of people to use that platforms, by showing major benefits in term of cashback measure discount and easy transaction process.

Digital-transactions


Advertisement of Digital payments app's and easy to use UPI payment option, that only requires one pin for payment promote people to use their programs and platforms.

Digital payments provide you irresistible, seductive, cashback and also provide an easy to use process, so people generally get addicted to these apps and dependent on these apps for every small transaction. 

This is the actual reason why India is ahead of China and the US in the matter of digital transaction for online transactions.

Digital-transactions


The CEO of Niti Aayog Amitabh Kant

"Digital payments in India has failed to 25.5 billion real-time online transactions in 2020. digital transactions in India has surpassed that of China which accounted for 15.7 billion transactions in 2020".
Digital-Tranjections



Why India Toped


But if you understand here we are talking about the numbers of transactions we are not talking about how much amount of money have transacted between the accounts, but if we talk about the value of the amount that has been transacted then definitely China and Us are far ahead from India. 


Raghuram Rajan "what the rise of digital payments mean for Central banks"

There will be a huge increase in the responsibility of Central banks. 

When we are talking about digital payments, and India is the topmost country in the matter of numbers of digital payments made in 2020 even though China's population is higher than India and assess of smartphones and the internet is also far ahead in China when we compared to India.

After all of that, we have beaten China in term of numbers of transactions it's a huge achievement and it also denotes that groundwork ok of digital payments is really high and India is going towards the dream 2020 e of Abdul Kalam.

Digital-transactions

If you think from where we get that data, then I have to tell you that all the data vs on this blog we get from the AC worldwide index that has declared the number of digital transactions of top 10 countries. 

ACI worldwide have ranked top 10 countries in the matter of real-time digital transactions you can understand what is the meaning of real-time, real-time denotes the completed transactions. 

What is ACI worldwide?

India's largest bank with more than 440 million account holders seamlessly updated and expanded its payment switching system using ACI's retail payments technology to meet its requirement of processing more than 30 million daily transactions.
Not only SBI embarked on an initiative to modernize its transaction processing technology, increased silence and ensure future scalability it has also implemented enterprise fraud prevention with ACI's fraud management solution for debit cards, mobile banking, internet banking, prepaid UPI payments - at an enormous scale rarely seen globally. 
ACI also has contracted to upgrade lacs of ATM of SBI that are present in India.

You can easily understand that it is not a small company or platform.

Data provided by ACI worldwide 

According to ACI worldwide there are 25.478 billion digital transactions happened in India in 2020.

The number of real-time digital transactions in other countries.
In millions
1. India ------ 25478
2. China ------ 15741
3. South Korea ------ 6015
4. Thailand ------ 5241
5. U K ------ 2827
6. Nigeria ------ 1911
7. Japan ------ 1676
8. Brazil ------ 1330
9. U.S. ------ 1219

10.Mexico ------ 942

What are the important factors for the huge increase in digital payments in India? 
real-time payment has gained significant traction since 2014 word on by the government payments modernization initiatives to provide financial inclusion to the unbanked and empower digital payments transformation by moving to a less reliant economy in 2014 the government-issued unique biometric identification numbers to 99% of adults in a blink the opening of no minimum balance bank accounts in 2016 the government demonetised 86% of the cash circulation comparing the two electronic payments and motivating citizens to open a bank account as a result by 2017 80% of Indian adults reported having a bank account up from just 53% in 2014. 
If we compare the number from other countries then 25% of us households are either unbanked or Banked.
the transaction volume share for instant payments India among real-time transaction was 15.6% and 20 2.9 % for other electronic payments in 2020 according to a report by the payment system company SBI worldwide importantly paper-based payments continued to have a considerable share of 61.4% in India. 
According to a report, digital payments in India have to grow up to 71.7 % of all payment transactions by 2025.
From this corruption in India definitely decrease, black money in the country also will decrease, and the government would also have all the data where people are using money. 






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