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India Among Top Nations With Potential For Digital Payments, Says Digital Evolution Index

India Among Top Nations With Potential For Digital Payments, Says Digital Evolution Index


  1. Digital transactions nearly tripled in 2 years since 2014-15
  2. Mobile banking also rose to Rs 10,572 crore from 224 crore in 2 years
  3. Demonetisation saw initiatives to encourage digital payments
India has emerged strong, exhibiting a high potential in terms of digital payments and has been categorised under the "break out" segment among 60 countries, according to the Digital Evolution Index 2017. The Fletcher School at Tufts University in partnership with Mastercard, unveiled the Digital Evolution Index 2017.

The Index is a comprehensive research that tracks the progress countries have made in developing their digital economies and integrating connectivity into the lives of billions. The 'break out' segment refers to countries that have relatively lower absolute levels of digital advancement, yet remain poised for growth and are attractive to investors by virtue of their potential, a statement issued by Mastercard said.

India has been experiencing rapid strides of progress with an evolving payments landscape, catalysed by the government's demonetisation decision, the statement said.

The government's endeavour to boost the acceptance infrastructure coupled with a host of other economic reforms has further hastened the momentum for the country's journey towards a cashless society, it added. Adoption of digital payments has also witnessed a massive growth with a shift in behaviour change as more people adopt digital payments in daily life.

With new players foraying into the market and an entire gamut of solutions for alternate payments, the India payment ecosystem is growing each day, said Porush Singh, country corporate officer, India and Division President, South Asia, Mastercard.

With nearly half of the world's population online, the research maps the development of 60 countries, demonstrating their competitiveness and market potential for further digital economic growth.
The Index measures four key drivers - supply, consumer demand, institutional environment, and innovation.

Also Read: Rs 1,200 Crore Worth Of Digital Transactions Carried Out Annually, Says Government


(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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About The Campaign

About The Campaign

NDTV along with MasterCard is launching a multi-platform campaign “Cashless Bano India”, to create digital awareness and educate the masses about digital payment solutions for day to day transactions.

The campaign aims to take the message of a cash free India to the country, all while educating them on the ways and means to do it.

We aim to reach out to people and educate them on:

1). Digital and financial literacy

2). New generation digital payment solutions

3). Enabling merchants and consumers to understand and adopt secured and safe payment Solutions

4). Ease of usage at point of sales