India's Digital Push Drives Huge Leap in Financial Inclusion

India achieved 80% financial inclusion in just 6 years, compared to an estimated 47 years without digital infrastructure like Jan Dhan, Aadhaar and mobile phones.
Total value of UPI transactions in FY22 was nearly 50% of India's GDP, showing wide adoption.
Banks' cost to onboard customers decreased from $23 to $0.1 with digital infrastructure.
India saved $33 billion, 1.14% of GDP, through direct benefit transfers digitally.
World Bank G20 report credits India's digital public infrastructure for the rapid growth in financial inclusion.

news18.com

Relevant topic timeline:

8/20/2023

India Uses AI to Bring Voice-Activated Mobile Payments

### Summary India is using artificial intelligence (AI) to expand digital payments to rural areas, allowing users to make verbal transfer instructions using AI-based speech recognition. ### Facts - India's Universal Payments Interface (UPI) is now used by around 350 million, but has had trouble reaching rural areas due to spotty internet access and lower literacy levels. - The Reserve Bank of India has unveiled a plan for "conversational" payments, using AI-based speech recognition to process verbal transfer instructions made by UPI users on their phones. - The service will initially be available in English and Hindi, with plans to expand to other languages. - Users without internet access will be able to make transactions using near field communication technology. - UPI is dominating retail transactions in India, with 48% of consumers making their last retail purchase using UPI. - UPI is more popular for digital retail purchases, with 55% of India's consumers paying for their most recent digital retail purchase through UPI. - India accounts for 46% of the world's real-time payments and carries out more digital transactions than any other place on Earth.

8/26/2023

"Affordable Digital Connectivity, Aadhaar Driving India's Growth": World Economic Forum Chief

India's fast growth can be attributed to affordable digital connectivity and the digital ID system, Aadhaar, that has been issued to a large portion of its population, according to the president of the World Economic Forum.

8/26/2023

G20 to IMF, why global players want to replicate India's Digital Public Infrastructure

India's successful Digital Public Infrastructure (DPI) ecosystem, which includes Aadhar and Unified Payment Interface, has been endorsed globally and can serve as a model for creating a reliable and trustworthy AI ecosystem through collaboration, global standards, openness, transparency, and responsible policy measures.

8/27/2023

India is going from many micro economies to a single mega economy because of DPIs: Nilekani

India's digital public infrastructure, including Aadhaar and the unified payments interface, has transformed the country's informal sector economies into one integrated mega economy, achieving financial inclusion in just 9 years instead of the traditional 47 years, according to Infosys Chairman Nandan Nilekani.

9/9/2023

India's G20 Presidency Yields Progress on Development Financing, Crypto Regulation

India has successfully achieved its finance track objectives during its G20 presidency, including strengthening Multilateral Development Banks, creating a global regulatory framework for crypto assets, promoting financial inclusion through digital infrastructure, resolving debt for lower and middle-income countries, and financing sustainable cities, among other accomplishments, according to Finance Minister Nirmala Sitharaman.

9/24/2023

Indian Banks Attracting More Foreign Investment Due to Favorable Growth Outlook

Indian banks are becoming increasingly attractive to global investors due to higher credit growth, improved margins, and stable asset quality, with a significant rise in the total market value of foreign institutional investors' holdings in Indian banks. The country's economic growth prospects, solid performance of lenders, and the growth and profitability enabled by digitalization are driving this investor interest.

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Posted 9/8/2023, 2:30:03 AM

India's Digital Push Drives Huge Leap in Financial Inclusion

India achieved 80% financial inclusion in just 6 years, compared to an estimated 47 years without digital infrastructure like Jan Dhan, Aadhaar and mobile phones.
Total value of UPI transactions in FY22 was nearly 50% of India's GDP, showing wide adoption.
Banks' cost to onboard customers decreased from $23 to $0.1 with digital infrastructure.
India saved $33 billion, 1.14% of GDP, through direct benefit transfers digitally.
World Bank G20 report credits India's digital public infrastructure for the rapid growth in financial inclusion.

news18.com

Relevant topic timeline:

8/20/2023

India Uses AI to Bring Voice-Activated Mobile Payments

8/26/2023

"Affordable Digital Connectivity, Aadhaar Driving India's Growth": World Economic Forum Chief

8/26/2023

G20 to IMF, why global players want to replicate India's Digital Public Infrastructure

8/27/2023

India is going from many micro economies to a single mega economy because of DPIs: Nilekani

9/9/2023

India's G20 Presidency Yields Progress on Development Financing, Crypto Regulation

9/24/2023

Indian Banks Attracting More Foreign Investment Due to Favorable Growth Outlook