Summary:

India's digital payment boom has received global attention, as stated in a government paper commemorating the 11th anniversary of the NDA administration under Prime Minister Narendra Modi. In March 2025 alone, the Unified Payment Interface (UPI) processed 1,830.15 crore transactions, totalling Rs. 24.77 lakh crore (US$ 289.5 billion). It presently supports 460 million consumers and 65 million businesses, with over half making tiny or micropayments. The paper also included Direct Benefit Transfer (DBT) and Aadhaar-based identification, which eliminated phantom beneficiaries and saved Rs. 3.48 lakh crore (US$ 40.67 billion) between 2015 and March 2023. Over the last 11 years, 55.22 crore Jan Dhan accounts have been established, with 51 crore individuals enrolling in the Pradhan Mantri Suraksha Bima Yojana.

Source: IBEF

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