. Earlier Union External Affairs Minister Jai Shankar said in a meeting that India is ahead of America in digital payments. How are digital payments in Telugu states?
Digital Payments : India is becoming fully digital. Once considered as a developing nation, India is fast becoming a powerful nation. People are connecting with any new program here. Some reports say that Indians are ahead of other countries especially in using technology. Earlier Union External Affairs Minister Jai Shankar said in a meeting that India is ahead of America in digital payments. How are digital payments in Telugu states?
Banks used to be approached for financial transactions. Even if you stand for hours, it will not work. Besides, it is not a situation where money is always in hand. Since the introduction of digital payments in India, users have been sending money easily. Also paying bills has now become convenient. As a result, even small grocery shops are paying with mobile phones.
There were some difficulties when digital payments were introduced in India. But after that everyone connected to it. This means that digital payment transactions have developed rapidly in India. In the year 2022, according to the release of MyGov India, India has made 8,950 crore digital payments and has become the first. Brazil was next. China is third and Thailand is fourth. The website claims that India will soon become a cashless economy with more digital payments.
According to State Bank of India research, only 15 states across the country have gone smoothly with digital payments. In this, Telangana and Andhra Pradesh stood at the top place. The number of UPI transactions increased from 1.8 crore in 2017 to 8,375 crore by 2023. It has decreased to 12.1 percent from 2017 to 2023. In the same period, digital payments have increased from 2004 rates, SBI said.