Photo: Bloomberg
Photo: Bloomberg

Financial inclusion and digital payments

India has shown remarkable progress in bringing its large unbanked population under the formal financial system, says a World Bank metric

India has shown remarkable progress in bringing its large unbanked population under the formal financial system, according to the Global Findex, a metric created by the World Bank.

Although there are gender disparities, it’s clear that there is a steady rise in the number of women holding accounts at financial institutions. With the increasing penetration of cellphones and the increasing sophistication of devices and networks, mobile wallets have become more prevalent.

However, India has a long way to go in adopting initiatives such as Vodafone M-Pesa and Airtel Money. The same holds true for Internet payments as well. Mint provides a snapshot.

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