Abstract
Abstract Despite the rapid growth in digital payments (DP) adoption and its positive socio-economic impacts in low-income countries, a large portion of the population remains disconnected from DP. At the same time, usage of DP conditional on adoption is low, highlighting the unexplored potential for financial inclusion and economic advancement. This paper reviews the burgeoning academic literature on DP and categorizes both macro-level adoption barriers (extensive margin) and micro-level usage challenges (intensive margin). We draw on the Transaction Cost Index, a new comprehensive database encompassing 16 low-income countries, to shed light on major themes in markets for DP. We conclude by outlining potential avenues for future research in this area.
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