New Delhi, March 11 India undertook an "ambitious financial‑technology transformation in modern history," to become "one of the world’s most advanced digital payment ecosystems" creating a model for developing economies, a report has said.
India’s model shows how "government policy, technological innovation and widespread mobile connectivity can combine to create efficient payment infrastructure," the report from Azerbaijan-based News.az said.
India’s digital payment revolution has attracted global attention, with economists and technology experts studying it as a "model for other developing economies."
A combination of digital identity systems, expanding mobile connectivity, innovative payment platforms and supportive government policies, created one of the world's largest and most efficient digital ecosystems, it noted.
The report credited the meticulous planning of the government saying state-run programs that expanded financial inclusion and provided digital identity to millions of citizens provided the base for the system.
Rapidly improving mobile internet access and affordable smartphones, drove the mass adoption. Public internet access has also expanded through the Prime Minister Wi-Fi Access Network Interface (PM-WANI) programme. As of February 2026, the initiative had enabled 4,09,111 Wi-Fi hotspots, supported by 207 PDO Aggregators and 113 app providers, aimed at delivering low-cost, high-speed internet connectivity, particularly in rural and remote areas.
These developments created the conditions necessary for large scale digital financial services.
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UPI reduced dependence on physical cash, which in turn helped increase transparency in the financial system and improved efficiency in economic transactions.
UPI handles nearly Rs 28.33 lakh crore in monthly transactions as per January 2026 data, with 21.7 billion transactions, delivering affordable, real-time digital payments nationwide, fuelling financial inclusion across urban-rural and income divides through zero-cost transfers via mobile phones, the government said in a recent statement.
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