Mapping the Merchant’s Mind : An Analysis of Digital Payment Behaviors by Fixed Store Merchants in Jaipur

The outlook for digital payments in India is promising, which bodes well for broader financial inclusion through digital channels. Significant shifts have occurred in the policy & regulatory landscape as well as public infrastructure creation to enable a push from cash to digital. These changes have resulted in the opening of hundreds of millions of new bank accounts; an open API platform that supports paperless, presenceless and cashless transactions at scale; and new cohorts of small finance & payment banks with greater agility to drive banking & finance for undeserved segments. At the same time, disruptive innovation in the private sector has galvanized a fast emerging fintech sector (enabled by open APIs), deeper smartphone penetration, and precipitous reductions in data costs