The report noted that as the pandemic disrupted economic activities, the government responded swiftly, leveraging the strength of digital public infrastructure, commonly known as India Stack, to facilitate online, paperless and cashless access to various public and private services
India s world-class digital public infrastructure (DPI), known as the India Stack, enables online, paperless, and cashless digital access, improving financial inclusion, transaction efficiency, and economic opportunities. The India Stack, consisting of Aadhaar, Unified Payments Interface (UPI), and account aggregator, creates digital identities, facilitates access to finance, reduces transaction costs, and improves tax collection.
New Delhi: India’s total digital payment transactions volume increased from Rs 2,071 crore in FY 2017-18 to 13,462 crore in FY 2022-23 at a CAGR of 45 percent.
Given the strength of its economy, population, technological advancement and mature financial markets, supportive policies will make India shine in the coming years