Acknowledging its rising inclination towards usage of cashless modes, India has exhibited a strong potential in regards to digital payments, according to Digital Evolution Index 2017.
The index has categorised India under the “break out” segment among top 60 countries.
The 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 have in developing their digital economies and integrating connectivity into several lives.
“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,” said Mastercard.
“India has been experiencing rapid strides of progress with an evolving payments landscape, catalysed by the government’s demonetisation decision,” it said.
“The government’s endeavour to boost the acceptance infrastructure coupled with a host of other economic reforms have further hastened the momentum for the country’s journey towards a cashless society,” it added.
It further added that the adoption of digital payments has witnessed a massive growth with the change in behaviour of people and rising acceptance towards digital payments.
“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.
Pointing out the about half the world’s population connected online, the research exhibits the development of 60 countries, explaining their competitiveness and market potential for further growth in terms of digital economic.
The Index has four key drivers for measurement namely supply, consumer demand, institutional environment, and innovation.