“Digital payments are likely to enhance India’s growth by eliminating frictions, increasing efficiency, and reducing costs,” Eswar Prasad, an economics professor at Cornell University, told CNN.
Covid-19 further boosted the adoption of digital transactions, as people tried to protect themselves from the virus.
In 2023, the number of UPI transactions topped 100 billion.
Azeez, a 34-year-old rickshaw driver in Old Delhi, told CNN that he’s too scared of losing money to use e-payments.
Sania Farooqui/CNNConvenience aside, India’s digital public infrastructure has helped it achieve an 80% financial inclusion rate.
Persons:
Brij Kishore, ”, Agarwal, tuk, India’s, Narendra Modi, Eswar Prasad, Old Delhi Sania Farooqui, Ramesh Kumar's, Sania Farooqui, Ramesh Kumar, he’s, Azeez, Prasad, Kapil Sharma, “
Organizations:
Hong Kong / New Delhi CNN, ”, Unified, “, frictions, Cornell University, CNN, “ UPI, India, National Payments Corporation of India, UPI, Sarojini, Finance, Eiffel
Locations:
Hong Kong / New Delhi, Chandni, India’s Old Delhi, Delhi, India, Old Delhi, Sarojini, Covid