Indian government initiated the Digital India program in 2015, aiming to transition the country into a digitally empowered society & knowledge economy
The government demonetized high-value currency notes in November 2016, resulting in the widespread use of digital payment methods.
The government launched the Unified Payment Interface (UPI) in 2016, which allows customers to move money across bank accounts using their smartphones
Also promotes merchant subsidies, public awareness initiatives and collaborations with fintech companies to build novel digital payment solutions.
As a result, promoting a cashless economy has boosted the rate of cashless transactions from 17% in 2016 to 45% by 2023.
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