• mSTAR Project

The evolution of DFS in India since 2014 can be broadly broken up into three phases of growth, as shown in Figure 2 below. The first phase, from early 2014 to around August 2016 was characterized by steady growth of around 2% per month in transaction volumes on the major digital platforms. Then, in the last few months of 2016, transactions through pre-paid instruments (PPIs – mostly digital wallets like Paytm and Mobikwik) began to grow rapidly
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