India accounts for 48.5% of global real-time digital payments

This was announced by the Reserve Bank of India, and in 2023 the country became the leader in terms of remittances, which amounted to $115.3 billion.

A new RBI report highlights that India, with its share of 48.5% of global real-time payments, has overtaken the rest of the world. Remittances, which are increasingly driven by the use of mobile money and digital platforms, are estimated to have risen to USD 857.3 billion in 2023, with India leading the way (USD 115.3 billion).

The digital economy accounts for about a tenth of India's GDP and is expected to reach one-fifth of GDP by 2026, based on the growth rate seen since 2014. According to the RBI, the compound annual growth rate (CAGR) of digital payments was 50% in volume and 10% in value during the period 2017-2024, including 164 billion transactions worth 510 billion in 2023-2024.

The report notes that India is at the forefront of digitalization. However, the report also notes that cybersecurity poses a major challenge due to the variety of cyber threats targeting digital financial infrastructure. The number of security incidents handled by the Indian Computer Emergency Response Team (CERT-In) rose from 53,117 in 2017 to 1.32 million in January-October 2023.

Based on materials thepaypers.com