India Stack: Pioneering Digital Revolution and Global Economic Integration
March 23, 2024India's Digital Public Infrastructure, 'India Stack', has transformed the nation's financial system and is poised for enhancing global economic integration.
The India Stack includes digital identification, payments, and data management systems that have spurred economic growth and increased financial inclusion for millions.
The Aadhaar program has successfully enrolled over 1.3 billion people, offering services such as eKYC to streamline financial transactions.
India's Unified Payments Interface (UPI) has become a game-changer in the payments industry, accounting for 68 percent of the country's transactions.
The Data Empowerment and Protection Architecture (DEPA) within the India Stack ensures secure data sharing between individuals and third-party services.
International adoption of UPI, as exemplified by Singapore, could open avenues for trade, tourism, and entrepreneurship, enhancing remittances and economic ties.
For global markets to harness India's economic capabilities, they must integrate technologies like UPI and adapt their financial structures for broader economic integration.
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Source
orfonline.org • Mar 22, 2024
The India Stack as a Potential Gateway to Global Economic Integration