India: Moving a Billion People into Digital Finance
Digital finance has great potential to improve life for consumers and merchants in India. But the lack of familiarity has impeded digital money’s growth in the country. This lack of awareness exists despite India Prime Minister Narendra Modi’s national mission for financial inclusion.
To help improve India’s digital future, the United States Agency for International Development (USAID) conducted a study identifying ways to ensure the success of Modi’s national mission for financial inclusion. The report, “Digital Finance – Beyond Cash,” examines the current behaviors and perceptions of digital payments in low-income communities in India and suggests ways to accelerate the adoption of digital payments.
The research is supported by a partnership between the India’s Ministry of Finance and USAID to increase the use of digital payments at the “point of sale,” especially among low-income consumers.
More than 35 American, Indian and international organizations joined the Ministry of Finance and USAID on this initiative. The organizations supporting the partnership include consumer goods companies, mobile network operators, payment networks, ecosystem players, e-commerce providers, and civil society organizations.