India among top nations with potential for digital payments: Digital Evolution Index

MUMBAI: India has emerged strong, exhibiting a high potential in terms of digital payments and has been categorised under the "break out" segment among 60 countries, according to the Digital Evolution Index 2017.

The Fletcher School at Tufts University in partnership with Mastercard, unveiled the Digital Evolution Index 2017.

The Index is a comprehensive research that tracks the progress countries have made in developing their digital economies and integrating connectivity into the lives of billions.

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, a statement issued by Mastercard said.

"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.

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.

"With new players foraying into the market and an entire gamut of solutions for alternate payments, the India payment ecosystem is growing each day," Porush Singh, country corporate officer, India and Division President, South Asia, Mastercard said.

With nearly half of the world's population online, the research maps the development of 60 countries, demonstrating their competitiveness and market potential for further digital economic growth.

The Index measures four key drivers - supply, consumer demand, institutional environment, and innovation.