India makes as many cashless payments in a month as America does in three years, The Minister of External Affairs, Dr. S Jaishankar
- IBEF
- January 23, 2024
The Minister of External Affairs, Dr. S Jaishankar, elucidated India's remarkable progress in digital public infrastructure by drawing a compelling analogy during a dialogue with the Indian community in Nigeria on Sunday (local time). He highlighted the substantial shift towards a cashless economy, asserting that the quantum of cashless transactions in India within a month now outpaces the cumulative volume in the United States over three years.
In his address, the Minister underscored the pervasive impact of technology on the lives of Indian citizens, emphasizing the widespread adoption of digital payment methods. He noted that the prevailing trend reflects a fundamental transformation in the country's economic landscape, with a dwindling reliance on traditional cash transactions. According to him, the extent of cashless payments in India has reached a point where it mirrors the entirety of such transactions conducted in the United States over three years.
Furthermore, the Minister elucidated five noteworthy examples encapsulating India's multifaceted transformation over the past decade. These instances testify to the nation's commitment to embracing technological advancements and fostering a digitally-driven economy. His insightful observations underscore the depth of India's evolution in leveraging technology for the betterment of its citizens and the nation as a whole.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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