FinTech
How UPI boom in rest of India hides a paradox in wealthy states
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Synopsis
India’s richest states are the slowest to go cashless. While states like Tamil Nadu and Andhra lead in digital-payment adoption, Gujarat, Karnataka, and Delhi are among those that fall behind. Why?
India’s digital-payment revolution is often hailed as a technological triumph. But dig deeper and you will be surprised by the fact that some of the country’s wealthiest states are lagging in adoption. This counterintuitive finding, as pointed out in our study published in the Journal of Emerging Market Finance, ought to prompt…
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