India ranks #1 globally in digital payments, dominating in transaction volume driven by the Unified Payments Interface (UPI). With over 1,800 crore (18 billion) monthly transactions, India leads in real-time payment volume, holding a 48.5% share of the global market.
1 in digital payments? India has emerged as the global leader in fast payments, according to a recent note by the International Monetary Fund. This is primarily driven by the Unified Payments Interface (UPI), which processes billions of transactions monthly.
While this signals a good move for a country that is disproportionately dependant on cash, India is miles behind being ready for cashless payments in terms of infrastructure, availability of merchant-ready payment systems and biggest of all, people who are literate about any form of cashless payment and are willing – ...
Sweden has emerged as the world's first cashless nation, with phone taps and cards replacing physical money. This digital shift, driven by apps like Swish, simplifies transactions for locals and tourists alike. While most establishments accept digital payments, carrying some cash is advised for smaller vendors.
A higher GDP indicates that the country is financially strong and growing at a stable rate. In 2026, India has become a $4 trillion economy. As per IMF Data, India is the 4th largest economy in the world in the year 2026 on par with Japan.
International rankings of India
In the past decade, India has made significant strides toward becoming a cashless economy. With digital transactions becoming increasingly accessible, the concept of a “Cashless India” is no longer a distant dream but a growing reality.
Is China completely cashless? China is not entirely cashless. While mobile payments account for the majority of transactions, the People's Bank of China is taking steps to ensure cash remains in circulation.
Mobile payments in China: How China became a cashless, mobile-first country. Mobile payments in China have become a key part of daily life, causing a clear shift to a cashless society across the nation. This change is reshaping city living and making it simpler for foreign guests to adjust.
During the inauguration of the 'DigiDhan Mela' on 31stDecember 2016, Honorable Prime Minister, Shri Narendra Modi launched BHIM UPI App and urged people to make digital payments a habit to transform the country into a cashless economy.
Gen Z, Millennials, and other younger consumer demographics prefer digital payment methods for this reason and so many more. Mobile wallets, contactless payment cards, and other digital cashless payment options are fast and easy to use, making them appealing, yet also a natural choice for members of a digital society.
Google Pay Usage Either for Online Payments in Various Countries in 2023. As of Julay 2023, the largest number of people making online payments using Google Pay live in India (77%). In second and third place are Poland and the United States. 38% of Poles and 31% of Americans make online payments using Google Pay.
India now operates the world's largest merchant network, led by rapid small-business onboarding and government-backed inclusion programs.
India has officially become the third most digitalised country in the world, trailing only behind the United States and China, according to the latest ICRIER report.
The countries closest to going cashless
You can buy four carrots or four onions, 10 green chilies, 1. 2 kilograms bananas, two kilograms oranges, This is a specialty snack store. And $1 can buy two Oreos, or four cans of Coke, two Snickers, a chocolate bar, and what a $1 lunch looks like.
Abhishant Pant is based in Mumbai and the above findings are based on his personal experience of going cashless.
Cash is in decline: Only about 12% of payments in 2023 were made in cash, and businesses are increasingly reluctant to accept it. Politicians and regulators still say access to cash is important, but many shops and services now push people toward digital-only payments.
The risk of other crimes such as identity theft, account takeovers, and fraudulent transactions will also increase when digital payments become the only option. Many banks are also relying on outdated infrastructure with decades-old IT systems increasing the risk of glitches, crashes, and mistakes.
Richest Countries by Total National Wealth
The United States leads by a wide margin, with unparalleled assets in housing, corporate equity, and technological innovation. China follows closely, reflecting both its vast domestic market and state-owned assets. Japan, Germany, and the United Kingdom round out the top five.
For example, in the Western theory, China and India belong respectively to the second and third worlds, but in Mao's theory both China and India are part of the Third World which he defined as consisting of exploited nations.