India has been at the forefront of transforming the global digital payment landscape. The past five years have seen a massive transformation. While UPI has hit record high numbers, AePS has transformed how beneficiaries access subsidies. Merchants now conduct digital B2B payments, while FinTechs continue to evolve unique solutions to disrupt the space.
This whitepaper has been developed in partnership with the National Payments Corporation of India to showcase how digital payments continue to drive financial inclusion in India. The whitepaper shares insights on the evolution of digital payments in India and looks at the different barriers and triggers in the current state of play for providers and users in the ecosystem. It focuses on how various stakeholders can work together to empower users and drive the adoption of digital payments among the LMI segments.