According to the data, India will account for 46 percent of global real-time payments by 2022, and digital payment transactions in India are more than the other four leading countries.
MyGovIndia, the Government of India’s citizen engagement platform, tweeted: „India continues to dominate the digital payments space! With innovative solutions and widespread adoption, we are leading the way. no money economy.”
During a press conference on Friday, IT Minister Rajiv Chandrasekhar explained how far India has come in digitization in the last nine years. Chandrasekhar said AI will be regulated so that it does not harm 'digital citizens’.
The IT minister said the Centre’s approach to any regulation of artificial intelligence would be through the prism of „user harm or user harm through any technology”.
„There has been an increase in toxicity and criminality on the Internet. We will not allow efforts to harm digital citizens to succeed. AI and related programs and platforms will not be allowed to operate in India to reduce the vulnerability of users,” he said. Minister. He said that a new Digital Personal Data Protection Bill would soon be introduced in Parliament and consultations with stakeholders on the Digital India Bill would begin this month.
Prime Minister Narendra Modi said earlier this year that India is at the top of digital payments and that the country’s rural economy is changing. „India is number one in digital payments. India is one of the countries where mobile data is cheap. Today, the country’s rural economy is changing,” PM Modi said.
In digital payments, India is witnessing new milestones, both in terms of value and volume, indicating the robustness and acceptance of India’s payments environment, say RBI experts.