News | India’s Digital Payment Boom: Sitharaman Hails 11-Year Cashless Transformation

India’s Digital Payment Boom: Sitharaman Hails 11-Year Cashless Transformation

News

10 June 2025

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India has witnessed a transformative shift towards a cashless economy over the past eleven years, spearheaded by fintech innovations and digital infrastructure, according to Union Finance Minister Nirmala Sitharaman.

Speaking on the strides made in the country’s fintech landscape, Sitharaman reiterated that India’s Unified Payments Interface (UPI) now handles nearly 45% of global digital payment volume, marking a significant milestone in the nation's digital journey

The Finance Minister highlighted the role of India’s expansive Digital Public Infrastructure (DPI)—including UPI, Aadhaar, Jan Dhan accounts, and e-RUPI—in bringing financial services to citizens in both urban and rural pockets. These platforms have not only democratized access to banking but have also empowered micro, small, and medium enterprises (MSMEs) and welfare beneficiaries

Sitharaman also lauded fintech companies for their agility and role in building secure, inclusive payment systems that facilitate both merchant payments and social program disbursements. She emphasized that the fintech revolution is a key driver for expanding financial inclusion across the country .

Experts note that UPI’s rise from a modest beginning in 2016 to its current scale is emblematic of India’s digital leap. As of early 2025, UPI accounts for roughly 80% of all digital payments in the country, and India processes more cashless transactions each month than many nations do over several years

Looking ahead, the government is expected to deepen digital infrastructure efforts, including rollout of the digital rupee and improvements to UPI's interoperability. According to Sitharaman, strong digital frameworks are essential for achieving the broader vision of a “viksit Bharat” (developed India) by 2047.

Reference: economictimes.indiatimes