India has emerged strong, exhibiting a high potential in terms of digital payments and has been categorized under the Break Out segment among 60 countries, according to the Digital Evolution Index 2017 that was unveiled today by The Fletcher School at Tufts University in partnership with Mastercard. The Break Out segment refers to countries that have relatively lower absolute levels of digital advancement, yet remain poised for growth and are attractive to investors by virtue of their potential. The Digital Evolution Index is a comprehensive research that tracks the progress countries have made in developing their digital economies and integrating connectivity into the lives of billions.
India has been experiencing rapid strides of progress with an evolving payments landscape, catalyzed by the Government’s demonetization decision. The Government’s endeavour to boost the acceptance infrastructure coupled with a host of other economic reforms have further hastened the momentum for India’s journey towards a cashless society. Adoption of digital payments has also witnessed a massive growth with a shift in behaviour change as more people adopt digital payments in daily life.
Speaking on India’s position in the report, Porush Singh, Country Corporate Officer, India and Division President, South Asia, Mastercard said, “It is heartening to see India’s strong market potential being recognized in a research as insightful and prestigious as this. With new players foraying into the market and an entire gamut of solutions for alternate payments, the India payment ecosystem is growing by each day.”
With nearly half of the world’s population online, the research maps the development of 60 countries, demonstrating their competitiveness and market potential for further digital economic growth. The Index measures four key drivers and 170 unique indicators to chart each country’s respective course:
· Supply (or internet access and infrastructure)
· Consumer demand for digital technologies
· Institutional environment (government policies/laws and resources)
· Innovation (investments into R&D and digital start-ups etc.)
Businesses, governments and civil society are working to bring everyone online, while also ensuring the security of the digital infrastructure. The report provides a way to assess digital “trust” as well as the state and rate of digital evolution with examples from around the world, giving countries the opportunity to learn from each other to further their advancement.
“Adoption, the quality of digital infrastructure and institutions, and innovation collectively shape a country's digital competitiveness, but governments also play a key role. The report also found that consumers’ trust in digital technologies correlates with digital competitiveness,” said Bhaskar Chakravorti, senior associate dean of international business & finance at The Fletcher School at Tufts University, and founding executive director of Fletcher’s Institute for Business in the Global Context.