India’s digital payments ecosystem 'simply stunning', says Anand Mahindra

India’s success in creating a unique digital payments ecosystem is “simply stunning”, industrialist Anand Mahindra said on Wednesday.

“‘A picture is worth a thousand words.’ India’s success in creating a unique digital payments ecosystem is simply stunning. Leaders always find new and different pathways; the rest of the world follows…” the Mahindra Group chairperson tweeted and shared a chart on the digital payment systems being used in different countries which showed India ranked among those at the top.

‘A picture is worth a thousand words.’ India’s success in creating a unique digital payments ecosystem is simply stunning. Leaders always find new & different pathways; the rest of the world follows… pic.twitter.com/YPslzr782s

— anand mahindra (@anandmahindra) October 19, 2022

Large number

With UPI, Google Pay, Visa, RuPay, Phone Pe and Paytm, the country has more digital payment systems than many others in the list.

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The graphic shared by Anand Mahindra is credited to data collected by investment research company Bernstein on how consumers pay across the world. According to it, India has fared better than China, UK, Sweden, Canada, Australia, Brazil, Italy and France.

A debate triggered

The tweet also opened a debate regarding the different modes of digital payment available to Indians. While some agreed with Mahindra with one user saying “this is simply a grand success of UPI. No ifs, no buts”, another Twitter user pointed out that the graphic had not named all the digital payment options used in these countries and that it was “not about how many varieties. It is also about quality and reliability.”

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In June this year, the Reserve Bank of India (RBI) came out with a ‘Payments Vision 2025’ document which aimed to establish India as a powerhouse of payments globally with a three-fold jump in the number of digital payments. The document said total digital payments increased 216 per cent in volume and 10 per cent in value in March 2022 compared with the same month in 2019.