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Summary.
India, a country frequently called out for poor physical infrastructure, has experienced a radical transformation in the digital space. Most notably, a digital payments revolution has reshaped the universe of informal transactions that make up 85% of its economy. In January 2023 alone, eight billion such transactions, worth nearly $200 billion, were carried out involving 300 million people and 50 million merchants — remarkable for a country that used cash for 90% of transactions a few years ago.
