India has high potential for digital payments: Report

"India has been experiencing rapid strides of progress with an evolving payments landscape, catalysed by the government's demonetisation decision," said media reports quoting the Digital Evolution Index (DEI) 2017 carried out by the Fletcher School of Tufts University along with Mastercard.

The index says that the India government’s initiative to boost acceptance infrastructure and the introduction of various economic reforms have accelerated the country’s journey towards becoming a cashless society, notes the report.

More people in the country are adopting digital payment modes, thanks to a shift in behaviour, leading to an increase in the adoption of digital payments.

DEI is a data-led evaluation of digital development across 60 countries rooted in four key drivers: Supply Conditions; Demand Conditions; Institutional Environment; and Innovation and Change. Over 170 indicators across these drivers are applied to create a robust framework for understanding digital evolution, providing each country with a DEI score.

The framework is combined with insights from academics and experts at Fletcher and inputs from business leaders driving digital change across the globe. Together, they help to paint a picture not just of what the digital landscape looks like today, but also how it stands to change in the future. The framework also provides policymakers and business leaders across countries with an understanding of how they can accelerate digital evolution locally to achieve a greater global impact. (KD)

Fibre2Fashion News Desk – India