India has featured among 60 nations on Digital Evolution Index 2017, exhibiting a high potential in terms of digital payments.
Digital Payments potential in India:
On the Digital Evolution Index 2017, India has been categorised under the “break out” segment which 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.
- The report outlined that India has been experiencing rapid strides of progress with an evolving payments landscape, catalysed by the government’s demonetisation decision.
- Indian 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.
- 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.
- Porush Singh, country corporate officer, India and Division President, South Asia, Mastercard has mentioned that “With new players foraying into the market and an entire gamut of solutions for alternate payments, the Indian payment ecosystem is growing each day”.
About Digital Evolution Index 2017:
Digital Evolution Index 2017 is a joint study, conducted by the Fletcher School at Tufts University with Mastercard.
- The Index provides comprehensive research and keeps a tap on the progress made by countries in developing their digital economies and integrating connectivity into several lives.
- The Index has four key drivers for measurement namely supply, consumer demand, institutional environment, and innovation.
- The research exhibits the development of 60 countries, explaining their competitiveness and market potential for further growth in terms of digital economy.