India No 1 with 41 million daily real time transactions |
As more and more people get on to smartphones and the internet reaches the remotest corners of the country, India has not only adopted digital payments but has also become the global leader with 41 million payments per day. The digitalization started with demonetization in 2018 has not been fully established in terms of the technological framework and safety of the users. This has immensely benefited Indians during the COVID pandemic. The country has recorded 41 million real-time financial transactions per day, which is more than double that of the last year. The COVID-19 pandemic has seen India doubling every day real-time transactions at 41 million, says the latest report from FIS, which is a leading provider of technology solutions for merchants, banks, and capital markets firms globally. According to the report released on Wednesday, six other countries also saw more than doubling of their real-time payment transactions year-over-year, while four countries saw at least a twofold increase in transaction value. India`s growth was 213 percent, handling 41 million transactions a day, according to the report. South Korea reported the highest number of real-time transactions per capita, with 75 transactions annually processed. In the US, over 130 financial institutions are currently implementing real-time payments, a five-fold increase since September 2019. Over half of all European payments service providers have joined the pan-European Sepa Credit Transfer Instant Payments Network, which brings cross-border and instant payments to 20 countries.
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