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Growing adoption of digital payments is driving financial inclusion in India

Project Info

  • Date Added: Feb 03, 2020
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Case Study

DNAINDIA SEP-2019 The ban of Rs 500 and Rs 1,000 currency notes was arguably a major turning point for India's economy. While Prime Minister Narendra Modi's sudden decision to scrap high-currency notes sent the entire nation into a frenzy, the historic event marked the beginning of a new digital era. Post demonetization, India has witnessed a significant increase in the usage of cards and digital wallets for low-value transactions. With growing smartphone ownership and internet usage in the country, non-cash, contactless payments have now become quite the norm across tier-I and tier-II cities.