As per the data, India in 2022 accounted for 46 per cent of the global real-time payments, and digital payment transactions in India is more than the other four leading countries combined.
A tweet by MyGovIndia, a citizen engagement platform of the government of India, read: “India keeps dominating the digital payment landscape! With innovative solutions and widespread adoption, we’re leading the way towards a cashless economy.”
During a press briefing on Friday IT minister Rajeev Chandrasekhar gave a presentation on how far India has travelled in terms of digitisation in the last nine years. Chandrasekhar said AI will be regulated to ensure that it doesn’t harm ‘digital citizens’.
The Centre’s approach to any regulation of Artificial Intelligence will be through the prism of “user harm or derived user harm through any technology”, said the IT minister said.
“There has been an increase in toxicity and criminality on the internet. We won’t let attempts to harm digital citizens succeed. Either AI and related programmes and platforms will mitigate user harm or they will not be allowed to operate in India,” said the minister. He added that the new digital personal data protection bill will be introduced in Parliament soon, and consultations with stakeholders will begin this month on the Digital India Bill.
Earlier this year, Prime Minister Narendra Modi said that India is number one in digital payments and that the country’s rural economy is transforming. “India is number one in digital payments. India is one of the countries where mobile data is the cheapest. Today, the country’s rural economy is transforming,” PM Modi said.
In digital payments, India has been witnessing new milestones, in both value and volume terms, which indicate the robustness of India’s payment ecosystem and acceptance, as per RBI experts.