According to Statista Research, the Top Countries in Real-Time Digital Payments (million transactions) are out as of July 3rd, 2023. The countries are led by India on the league table.
India in the year 2022 accounted for 46℅ of the global real-time payments.
Top 5 Countries in Real-Time Digital Payments
1. 🇮🇳 India: 89.5
2. 🇧🇷 Brazil: 29.2
3. 🇨🇳 China: 17.6
4. 🇹🇭 Thailand: 16.5
5. 🇰🇷 South Korea: 8
The attainment of high levels of digital payments in the best countries in the world can be attributed to a combination of various factors. Here are some key factors that have contributed to their success:
READ:100 World Best Countries for Startups in 2023: Know Your Country’s Ranking
- Technological Infrastructure: These countries have invested significantly in building robust technological infrastructure, including high-speed internet connectivity, reliable telecommunications networks, and secure digital platforms. Strong infrastructure forms the foundation for seamless digital payment systems.
- Government Initiatives: Governments play a crucial role in promoting digital payments by implementing supportive policies and regulations. They create an enabling environment for digital transactions, encourage innovation in the financial sector, and establish frameworks to protect consumer rights and ensure security in digital transactions.
- Financial Inclusion Efforts: The best countries in digital payments prioritize financial inclusion, aiming to bring a larger percentage of their population into the formal financial system. By increasing access to banking services, offering affordable financial products, and promoting digital literacy, they make it easier for people to adopt digital payment methods.
- Collaboration and Partnerships: Public-private partnerships and collaborations between financial institutions, technology companies, and government agencies have played a crucial role. These collaborations help in developing interoperable payment systems, ensuring seamless integration across different platforms and enhancing user experience.
- Consumer Trust and Confidence: Building trust and confidence among consumers is essential for widespread adoption of digital payments. The best countries prioritize data protection, privacy, and cybersecurity measures to mitigate risks associated with digital transactions. They also educate consumers about the benefits and security features of digital payment systems, which increases their confidence in using them.
- Innovation and Competition: Encouraging innovation in the financial sector and fostering healthy competition among payment service providers drive the development of user-friendly and secure digital payment solutions. By creating an environment that promotes innovation, these countries continuously enhance their digital payment infrastructure and offerings.
- Cultural Shift and Awareness: Shifting the cultural norms around payment methods and creating awareness about the benefits of digital payments have been vital in driving adoption. This includes educating individuals, businesses, and even government entities about the convenience, efficiency, and cost-effectiveness of digital transactions.
It’s important to note that each country’s journey towards high digital payment levels may differ based on their unique circumstances and priorities. However, a common thread among the best countries is the alignment of various stakeholders, including government, financial institutions, technology companies, and consumers, in fostering a digital payment ecosystem that is secure, accessible, and convenient for all.