India’s Digital Payment Revolution Takes Center Stage at Asia K-Banker School in Seoul
Fazila, an Indian student pursuing Global MBA in Seoul presented India’s remarkable journey in digital payments at Kookmin Bank’s program highlighting India’s leadership in real-time digital payments that fosters collaboration among Asia’s emerging financial powerhouses.
Seoul, South Korea: The Asia K-Banker School, held from November 15–16, 2024, by
Kookmin Bank (KB Bank), one of Korea’s largest financial institutions, highlighted the rapid
financial growth of several Asian nations, including India, Vietnam, Azerbaijan, Indonesia,
Kazakhstan, Uzbekistan, China and Mongolia.
The two-day program focused on sharing insights into the evolving financial landscapes of these countries.
Fazila, an Indian student pursuing a Global MBA at Chung-Ang University in Seoul,
South Korea, shared India’s remarkable journey in digital payments. She highlighted how the
nation has transitioned from traditional cash transactions at local kirana shops to widespread
adoption of QR codes and online payment systems.
“This digital revolution has increased convenience, expanded the tax base, and enhanced transparency in financial transactions,” Fazila explained.
She noted that even older generations, once reluctant to embrace technology, now prefer cashless methods for security and ease. Digital payments have also played a critical role in reducing corruption by creating transparent financial trails.
The program emphasized India’s global leadership in digital transactions. In 2022, the country accounted for 46% of the world’s real-time digital payments. By 2023, India processed 117.7 billion transactions worth ₹183 trillion, solidifying its position as the second-largest digital market after China.
With ongoing innovation and growing acceptance, India is paving the way for a more efficient, transparent, and inclusive economy. Programs like the Asia K-Banker School continue to foster dialogue and collaboration among Asian nations, highlighting shared successes and strategies for sustainable growth.
