Mahindra Comviva explores the evolution of digital payments in India

The most obvious recent change in the payments landscape across India is the significant increase in the number of digital payments taking place in both urban and rural areas as a result of the measures taken by the Indian government to push the cashless initiative to the top of the nation’s agenda, says Mahindra Comviva’s senior vice president and head of mobile financial solutions.

The objective of any world-class digital payments system should be to facilitate innovation so the benefits of lower costs and better service experience can be passed on to the customer and drive adoption to even higher levels, Nidugondi writes in ‘Demonetisation: How India is setting the standard for a future without cash’.

The paper explores the various modes of payments in India today including USSD-based mobile banking, the National Payments Corporation of India’s (NPCI) Unified Payments Interface (UPI) and digital wallets, before examining the impact of the government’s decision to demonetise banknotes in November 2016.

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