👀 The Reserve Bank of India (RBI) Report: India🇮🇳 accounts for 48.5% of global real-time digital payments

👀 The Reserve Bank of India (RBI) Report: India🇮🇳 accounts for 48.5% of global real-time digital payments


On this note, the report highlights that India is the global leader in remittance volume, having received USD 115.3 billion in 2023.

Other points of interest:

➡️ Digital development not only includes the rise of new fintechs, but also advancements in biometric identification (through the India Stack program), Unified Payments Interface (UPI), mobile communications, the state service “DigiLocker”(virtual storage), and consent-based data sharing.

➡️ Digital payments have experienced a compound annual growth rate (CAGR) of 50% in volume and 10% in value over the past 7 years.

➡️ The digital economy currently represents approximately 1/10 of India's GDP. Given the growth rate observed in the last decade, by 2026 it is expected to grow to 1/5 of GDP.

➡️ Cybersecurity issues: The number of incidents managed by India's Computer Emergency Response Team (CERT-In) reached 13,201,06 cases in October 2023. Unauthorized network scans, exploration, and vulnerable services represent more than 80% of all cases.

➡️ Expected growth factors:

• Digital infrastructure and availability of skilled professionals.

• 6G technologies and satellite networks.

• Expansion of the 5G network in rural and currently uncovered urban areas.

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