Over the last few years, India has made several efforts at improving access to finance and laying out the rails for the digital payment ecosystem. While this has smoothened financial flows for low-income clients, challenges of trust, interoperability, suitable credit products, gender imbalance and pricing remain. How can the financial inclusion and payments industry in India address the issues of trust, pricing, merchant acquiring issues and cybersecurity? How can India reduce the ratio of cash in circulation to GDP (India’s is one of the highest in the world)? Further, what can India learn from similar efforts in other countries?
In this KnowledgeTransfer@CarnegieIndia workshop, Chetna Gala Sinha and Ragavan Venkatesan introduced the status of digital financial inclusion in India, the problems it faces, and possible solutions for enabling access to formal financial services for the next half billion. The discussion was moderated by Rajesh Bansal.