How digital payments drive financial inclusion in India: Abridged report

• by Manali Jain, Vishes Jena, Disha Bhavnani, Akshat Pathak, Shweta Menon, Maansi Sharda and Pramiti Lonkar
• Sep 22, 2022
• 1 min
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India’s digital payments landscape has transformed dramatically over the past five years. This report, published in collaboration with the National Payments Corporation of India, provides a detailed outlook on India’s journey of digital payments, factors affecting the adoption of digital payments among the LMI segment, and products that have revolutionized the space.

India’s digital payments story is akin to none. Several factors have transformed India’s payments ecosystem. These include improvements in payments infrastructure, disruptions in information and communications technology, a responsive regulatory framework, a conducive policy environment, and a greater focus on customer-centricity. Besides, the increased adoption of smartphones, greater access to the internet, and people’s growing comfort with using technology and their improved financial capabilities have also aided this growth.

This report is an abridged version of the detailed whitepaper, “How digital payments drive financial inclusion in India.” It charts the evolution of digital payments in India and looks at the different barriers and triggers 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.