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The Digital India campaign, launched in 2015, saw various sectors including retail, manufacturing, finance, hospitality, and others, adapt to the rising speed of technology. Traditional small businesses and MSMEs steadily moved their infrastructure to digital, and have since experienced efficiency and ease of doing business.
The Indian banking industry has seen very unique progress in digital adoption. According to PwC India, the digital payments landscape in the country has been growing rapidly over the last few years. The Reserve Bank of India (RBI) reported a compound annual growth rate (CAGR) of 61 percent in volume, and 19 percent in value for digital payments in India between 2014–2019. This growth has been supported and propelled by the continuous emergence of new technologies, payments products/methods, the introduction of disruptive market players and regulatory interventions, among many other factors.