Digital Wallets ‘Turning a Corner’ for Financial Inclusion: A Study of Everyday PayTM Practices in India

Abstract

Financial transactions are intimately bound with social interactions and woven into everyday economic lives. In this paper we focus on PayTM, a digital wallet, and a specific set of users of PayTM, street vendors in urban India. Through an ethnographic investigation we offer to unpack two questions: 1. Can digital forms of money create financial inclusion by opening up access to the marginalized 2. Can digital platforms amplify socio-economic capacities of low literate users enhancing financial literacy? We argue that digital and financial literacy are an immersive component of digital wallet use acquiring ‘everyday life’ in specific socio-economic ecosystems. Our study captures daily practices of digital money staking a claim in advancing the understanding of financial inclusion as a lived process accumulating habits, practices and stakes to expand socio-economic capabilities.