Abstract
The outlook for digital payments in India is promising, which bodes well for broader financial inclusion through digital channels. Significant shifts have occurred in the policy & regulatory landscape as well as public infrastructure creation to enable a push from cash to digital. These changes have resulted in the opening of hundreds of millions of new bank accounts; an open API platform that supports paperless, presenceless and cashless transactions at scale; and new cohorts of small finance & payment banks with greater agility to drive banking & finance for undeserved segments. At the same time, disruptive innovation in the private sector has galvanized a fast emerging fintech sector (enabled by open APIs), deeper smartphone penetration, and precipitous reductions in data costs.
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