Technology has played a significant role in the growth of digital payments in India. Here are some of the key technological advancements that have contributed to India's leading position in the global digital payments ranking:

• The widespread availability and affordability of smartphones and high-speed internet have made it easier for people to access digital payment platforms.
• Unified Payment Interface (UPI) has made it possible for people to easily transfer money in real-time using just their mobile numbers and a linked bank account.
• Mobile wallets like Paytm, Google Pay, and PhonePe have made it easy for people to make payments, pay bills and recharge mobile phones.
• Digital KYC (Know Your Customer) processes have made it easier for people to open digital wallets and bank accounts, reducing the need for physical documents.

These advancements have led to a massive increase in the use of digital payments in India and have helped to boost the Indian economy. Digital payments have made it easier for businesses to receive payments, reducing the need for cash and making transactions more efficient. This has helped to increase the competition in the market and has also helped to reduce the costs associated with cash handling. Overall, the growth of digital payments is a positive development for the Indian economy.