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Financial digitalization in India

Author

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  • Mandira Sarma

    (Jawaharlal Nehru University)

Abstract

In this paper, we discuss India’s financial digitalization. In addition to the conventional forms of digitalization such as online banking and card-based payments, India has, in recent years, embarked on technology driven financial digitalization powered by the Aadhaar system, a publicly funded biometric identification system. With a combination of biometric identification system and the digital public infrastructure (DPI) developed through public-private partnership, financial digitalization in India is one of its own kind. Adaptation of digital modes of financial transactions has grown over the last decade compared to paper based modes, as indicated by relevant data; however, there is a large digital divide. In the backdrop of structural barriers of digital divide, poverty, illiteracy and infrastructural bottlenecks, we elaborate on various concerns around digitalization of finance in India as well as fallout of digitalized finance without digital literacy and financial literacy. We will also delve into the concern surrounding cyber security and personal data protection and highlight that persistence of cyber-attacks makes India’s financial digitalization experiment vulnerable to personal data breaches.

Suggested Citation

  • Mandira Sarma, 2025. "Financial digitalization in India," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 15(2), pages 401-424, June.
    • Handle: RePEc:spr:eurase:v:15:y:2025:i:2:d:10.1007_s40822-024-00298-4
    DOI: 10.1007/s40822-024-00298-4
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