The path to greater financial inclusion

Data for 2021 suggest that at least 76 per cent of the global population holds a bank account

Nearly 40 per cent of the country’s population has embraced digital payments and we account for the highest volume of real-time payment transactions at 48 billion (2021). Thankfully, fintech has played a massive role in bringing about a revolution in financial inclusion.

Today, India is home to 1.14 billion mobile users, of whom at least 840 million have smartphones (2021). This growing base has encouraged digital payments through tech-driven platforms for mobile banking, mobile wallets, USSD-based payments, and UPI-based payments for feature phone users. Besides mobile-based payments, credit cards, debit cards and IMPS offer seamless options to customers.

Traditional financial services were