Growth of Digital Payments in India
The Indian digital payment landscape has seen over 65,000 crore transactions amounting to more than Rs. 12,000 lakh crore in the last six financial years. The government, in collaboration with various stakeholders, has worked to enhance digital payment adoption, especially in underserved areas. Initiatives like the Payments Infrastructure Development Fund (PIDF) and the Digital Payments Index (RBI-DPI) reflect this growth. Digital payments have improved access to financial services for small businesses and unserved communities, enabling them to participate in the formal economy.
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