The central bank has played a key role in the
country’s digital payment boom
https://www.imf.org/-/media/Files/Publications/Fandd/Article/2022/September/digital-journey-india.ashx
India’s digital payment volume has climbed at an average annual rate of about 50 percent over the past five years. That itself is one of the world’s fastest growth rates, but its expansion has been even more rapid—about 160 percent annually—in India’s unique, real-time, mobile-enabled system, the Unified Payments Interface (UPI). Transactions more than doubled, to 5.86 billion, in June from a year earlier as the number of participating banks jumped 44 percent, to 330. Values nearly doubled in the same period.
https://www.imf.org/-/media/Files/Publications/Fandd/Article/2022/September/digital-journey-india.ashx
India’s digital payment volume has climbed at an average annual rate of about 50 percent over the past five years. That itself is one of the world’s fastest growth rates, but its expansion has been even more rapid—about 160 percent annually—in India’s unique, real-time, mobile-enabled system, the Unified Payments Interface (UPI). Transactions more than doubled, to 5.86 billion, in June from a year earlier as the number of participating banks jumped 44 percent, to 330. Values nearly doubled in the same period.