New Delhi, March 11 (IANS). According to a report, India has undertaken one of the most ambitious fintech (financial technology) transformations in modern history, thanks to which the country has become one of the most advanced digital payments ecosystems in the world today. This model is now becoming an example for other developing countries also.
Azerbaijan-based News.az reports that India’s model shows how government policies, technological innovation and widespread mobile connectivity can combine to create an effective payments infrastructure.
According to the report, India’s digital payments revolution has attracted a lot of attention globally. Economists and technocrats are studying it as a successful model for other developing economies.
The report said that the combination of digital identity systems, rapidly increasing mobile connectivity, modern payment platforms and supportive government policies has given rise to one of the largest and most efficient digital ecosystems in the world.
Praising the government’s plans, the report said that government programs to promote financial inclusion and provide digital identity to millions of people created a strong foundation for this system.
Also, cheap smartphones and rapidly growing mobile internet services played an important role in the large-scale adoption of digital payments. Apart from this, public internet facilities have also been expanded through the Prime Minister Wi-Fi Access Network Interface (PM-WANI) program.
By February 2026, 4,09,111 Wi-Fi hotspots have been installed under this initiative, supported by 207 PDO aggregators and 113 app providers. Its objective is to provide affordable and fast internet connectivity, especially in rural and remote areas.
All these developments created the necessary environment for the expansion of digital financial services on a large scale.
Linking digital identities to banking and mobile services can help financial institutions verify users’ identities securely and process transactions faster, the report said.
Unified Payments Interface (UPI) has also helped reduce dependence on cash, thereby increasing transparency in the financial system and making economic transactions more efficient.
The government recently said in a statement that according to the data of January 2026, transactions worth about Rs 28.33 lakh crore are made every month through UPI. 21.7 billion digital transactions were recorded during this period, facilitating real-time payments at zero cost through mobile phones and promoting financial inclusion from cities to villages and across all income groups.
–IANS
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