India’s dream of becoming a developed nation by 2047 is closely tied to the potential of its digital economy. From fintech innovations to digital governance, its transformation is being powered by technology. Flagship initiatives such as Digital India, the Jan Dhan-Aadhaar-Mobile (JAM) trinity, and the Unified Payments Interface (UPI) have expanded digital access in ways once unimaginable.

But as the country surges ahead, a critical question arises—who is being left behind?The digital payments ecosystem in India has seen a meteoric rise. In 2024 alone, UPI processed about 172 billion transactions, up 46% from 117.64 billion in 2023, with a single-month transaction value peaking at Rs 23.25 lakh crore (National Payments Corporation of India). This is a testament to both infrastructure expansion and behavioural change, with more people turning to digital platforms for everyday transactions.

Encouragingly, a Reserve Bank of India (RBI) report notes that nearly a third of digital payment users now come from rural India, and merchant adoption is rising in smaller towns and villages. However, growth in digital adoption has outpaced growth in digital literacy, creating an ecosystem where access does not necessarily translate into safe or empowered usage—especially for informal workers, rural populations, and women.

The........

© The Financial Express