How do digital payments impact India?

Digital payments have had a transformative impact on India's economy, as evidenced by significant growth in transaction volume and value. Transactions grew from 220 crore in FY2013-14 to 18,592 crore in FY2023-24. The Unified Payments Interface (UPI) is a major driver, powering 85% of all digital transactions in the country, fostering trust, convenience, and speed, and contributing to the growth of the digital economy.