External Affairs Minister S Jaishankar, during his interaction with the Indian community in Nigeria, highlighted a striking comparison in digital transactions between India and the United States.
"Today, we do as many cashless payments in India in a month as much as America does in three years," he said while interacting.
"The life of every Indian citizen has become easier and this is because we have embraced technology in a very deep way. You can see this in payment, very few people today pay in cash and very few people accept cash," Jaishankar said.
India's technological embrace
Jaishankar emphasized India's deep integration of technology in everyday life, making a significant impact on the ease of living for its citizens. He outlined five key areas showcasing India's transformation over the last decade, including its response to challenges, economic performance, and the improvement in the average citizen's life.
Surge in UPI transactions
India saw a remarkable increase in UPI transactions, with a compound annual growth rate of 147% in volume from FY 2017-18 to FY 2022-23.
The RBI has introduced several measures to enhance UPI's reach, including increasing transaction limits and introducing features like 'instant credit via UPI' and UPI Lite X for transactions without an internet connection.
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