India Leads Digital Payment Revolution: Sitharaman Highlights Growth

Finance Minister Nirmala Sitharaman underscored India's digital payment adoption rate, which at 87%, surpasses the global average of 60%. She attributed this success to India's digital infrastructure. Her visit to Karnataka includes inaugurations and interactions focusing on agro-processing, rural micro-industries, and entrepreneurship, emphasizing economic empowerment.

Union Finance Minister Nirmala Sitharaman announced that India's digital payment adaptability has reached 87%, a significant achievement compared to the global average of 60%. This statement was made during her interaction with students at IIT Dharwad after inaugurating the dhaRti BioNEST Incubation Centre.

India has emerged as a world leader in digital payments, contributing to nearly half of all real-time digital transactions globally. The Unified Payments Interface (UPI) plays a pivotal role in this ecosystem, handling over 18,580 crore transactions worth ₹261 trillion in the 2024-25 financial year. The high adoption rate is credited to India's robust Digital Public Infrastructure, which includes Aadhaar, UPI, and DigiLocker, enabling millions to join the formal financial system.

During her four-day visit to Karnataka, Sitharaman emphasized the role of fintech beyond urban areas, highlighting its impact on economic empowerment nationwide. Her itinerary includes engagements focusing on rural development, agro-processing, and entrepreneurship. Sitharaman inaugurated numerous facilities and met with students, promoting biotechnology and rural innovation.

(With inputs from agencies.)