India is making remarkable strides in the realm of digital payments, with over 10 billion transactions conducted through the Unified Payments Interface (UPI) in the month of August alone. This milestone achievement has been officially confirmed by the National Payments Corporation of India (NPCI), marking the first time that India has crossed the monumental 10 billion transaction mark in a single month.
August’s achievement comes on the heels of the record set in July, with 996.4 crore transactions. The remarkable surge in digital payments has garnered widespread attention, including some good-natured ribbing of Kerala’s former Finance Minister and CPI (M) leader, Thomas Isaac, on social media platforms.
Thomas Isaac once famously expressed scepticism about India’s ability to embrace digitalization during his tenure as Finance Minister. He argued that transitioning to digital payments might not be feasible in a country where a significant portion of the population, particularly those in the unorganised sector, does not rely on digital transactions. Isaac’s statement questioned whether a fishmonger, farmer, or greengrocer would accept credit card payments, dismissing digitalization as mere rhetoric.
However, the recent surge in UPI transactions has not only proved these doubts wrong but has also earned India global recognition for its economic growth and digital advancements. Several international organisations, including the World Bank and the International Monetary Fund (IMF), have praised the UPI system.
In fact, numerous countries, including Singapore, Malaysia, Bhutan, Nepal, the United Kingdom, Russia, Oman, Qatar, European nations, France, the United Arab Emirates, and Sri Lanka, have implemented UPI, inspired by India’s digital progress.
The surge in UPI transactions is emblematic of India’s remarkable journey towards embracing digital technologies. It highlights the resilience and adaptability of the Indian population, which has readily adopted digital payment methods in various facets of their lives.