Rapid technological development in The Internet of Things (IoT) has cardinally evolved fundamental activities governing industries and individuals. Everything and supposedly everyone is going electronic. India had its revolutionary Demonetization Drive in 2016, which consequently gave greater headway into the Digitization spree, creating strong impetus for a cashless and transparent economy.
One crucial advancement here has been the rise of "mobile money," which has facilitated an easy and user-friendly mechanism for payments to be made through intangible digital wallets stored in smartphones. India is quite upbeat over this platform, seeing as mobile penetration has surged from being 1% of the population to over 90%, over a span of 20 years. Meanwhile, financial inclusion also brings in a huge opportunity to cater towards the massive unbanked population.
Mazars believes that while the amalgamation of technology with money brings endless options for the entire financial services domain, they can only be realized if the entire process is fully understood and welcomed by each and every stakeholder. Trust and Acceptability are key here, which come from sound awareness of these new instruments. We therefore explore to what extent mobile money has been embraced amongst growing economies such as India, along with any loopholes holding back complete adoption.
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