Integrating digital technologies into various sectors of the Indian economy improves efficiency, transparency, and quality. Digital payment apps like UPI, Bhim, G Pay, etc. have helped condense and grow the Indian economy. Here are some ways digitization has affected India’s economy:
- Digital payment apps have made transactions faster and more convenient, reducing cash and checks.
- Digital payment apps reduce fraud and corruption by recording transactions.
- Financial inclusion: Digital payment apps make financial services more accessible, especially in rural areas where traditional banking is unavailable.
- Small businesses can accept payments more easily with digital payment apps, increasing revenue and growth.
- Foreign investment has increased due to the digitization of the Indian economy, which has boosted economic growth.
India’s digital payments have grown due to UPI, Bhim, G Pay, etc. From Rs 2,071 crore in FY 2017-18 to Rs 5,554 crore in FY 2020-21, digital payment transactions in India have grown multifold. In conclusion, digital payment apps like UPI, Bhim, G Pay, etc. have helped consolidate and grow the Indian economy.