Menu
The cashless transaction system is achieving growth day by day with increased globalization markets, development of the banking sector, increasing tendency of people towards shifting to a cashless system and a powerful backing of technological advances. The emergence of new financial technologies (Fintechs), such as the Unified Payment Interface, Immediate Payment System, and Mobile Money, was enabled by new technologies like the internet, artificial intelligence, machine learning, big data, biometric identification, and blockchain technology. Overall, the trend and growth of mobile payment-based transactions in India have been on an upward trajectory since 2019. the government’s initiatives, the rise of mobile wallets, increasing smartphone penetration, and the impact of the covid-19 pandemic have all played a significant role in driving the adoption of mobile payments in the country. The paper aims to study the development and adoption of financial technology and digital infrastructure in India besides its comparative situation in the global economy. It is based on secondary data sources from the World Bank, Reserve Bank of India, and Global Findex Database
• Agrawal, G., & Jain, P. (2019). Digital financial inclusion in India: a review, Behavioral Finance and Decision-Mak- ing Models, 195-203.
• Aziz, A., & Naima, U. (2021).Rethinking digital financial inclusion: Evidence from Bangladesh, Technology in So- ciety, 64, 101509.
• Bourreau, M., &Valletti, T. (2015).Enabling digital finan- cial inclusion through improvements in competition and interoperability: What works and what doesn’t, CGD Pol- icy Paper, 65, 1-30.
• Koh, F., Phoon, K. F., & Ha, C. D. (2018). Digital financial inclusion in South east Asia, Handbook of Blockchain, Digital Finance, and Inclusion, Volume 2 (pp. 387-403). Academic Press.
• Kandpal, V., & Mehrotra, R. (2019). Financial inclusion: The role of fintech and digital financial services in India, Indian Journal of Economics & Business, 19(1), 85-93
• Malladi, C. M., Soni, R. K., & Srinivasan, S. (2021). Digital financial inclusion: next frontiers
• Naumenkova, S., Mishchenko, S., &Dorofeiev, D. (2019). Digital financial inclusion: Evidence from Ukraine, Invest- ment Management & Financial Innovations, 16(3), 194.
• Mhlanga, D. (2020). Industry 4.0 in finance: the impact of artificial intelligence (ai) on digital financial inclusion, International Journal of Financial Studies, 8(3), 45.
• Peric, K. (2015).Digital financial inclusion, Journal of Payments Strategy & Systems, 9(3), 212- 214.WTO (2021).Global Findex Database.
Desh Bhagat University,
Off to NH-44, Amloh Road, Mandi Gobindgarh,
District Fatehgarh Sahib, Punjab- 147301, India