Evolution Of The Indian Digital Payment Ecosystem And Its Global Impact: A Comparative Analysis And The Role Of Microfinance

Abstract

This research seeks to understand how the Indian digital payments landscape has evolved in the last decade and what is changing in the financial world at large scale because of it. Long leaps have been made in the Indian fintech space over the years, mainly from crucial government initiatives, technological innovations, and a growing user base depending on digital payment platforms. This paper also situates India as a leader in the world of fintech innovation and uses cross-national comparisons to explore economic and social impacts and the global consequences of India's digital payment model. The paper finds that in creating a model for digital payments, India has set global standards for the development of fintech while increasing domestic financial inclusion (Kanungo & Gupta, 2021). It also tells the future trends and the prospect of India's digital payment ecosystem going global in influencing financial practices.