Digital payments in India—democratizing financial services for the masses
Digital payments in India are about to reach an inflection point where we expect a threefold growth in value to USD 10 trillion by 2026, with every two out of three payments being non-cash. Our two-part series highlights the evolutionary and revolutionary initiatives in India that are currently driving the growth of digital payments.
What holds back microfinance institutions from adopting the DEPA framework?
This blog discusses the Account Aggregator (AA) framework, a consent-based system under the IndiaStack that enables data sharing across financial institutions. Here we look at the framework from the perspective of financial inclusion and discuss how microfinance institutions, which cater largely to low and middle-income (LMI) customers, may struggle to adopt AA at this stage.
NITI Aayog introduced the Account Aggregator (AA) framework to ensure secure and seamless data portability of consumer data among service providers. It can revolutionize financial services by simplifying data sharing. This unified platform will help all players in the financial ecosystem provide better tailored demand-based products for the consumers. Listen to our podcast with Nikhil Kurhe, Co-founder and CEO of Finarkein Analytics, to learn how this framework will impact the Indian financial ecosystem.