As per the report—based on field research carried out in Brazil, China, Ethiopia, India, Mexico, Nigeria and Pakistan—widespread digital finance could boost the annual gross domestic product (GDP) of emerging economies by $3.7 trillion by 2025. But they point to the sheer potential of digital finance and financial inclusion—properly implemented—along two main axes. Creating the policy, regulatory and physical infrastructure for financial inclusion and digital finance is, of course, a tall task. And the Unified Payments Interface—perhaps the most ambitious initiative of its kind—will form the backbone of any digital payments initiative. For instance, enabling access to the banking system and digital payments in rural areas is well and good.

Source: Mint September 25, 2016 16:41 UTC