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Analysis of India’s Payment System Indicators in 2020

COVID-19 has changed the way consumers use payment instruments fundamentally. The might of digital payments came to the fore as it helped protect vulnerable segments through seamless and quick government-to-person (G2P) payments. Digital payments offered convenient and contactless modes of payment as well as a collection to customers and businesses respectively. This report analyzes the trends of various payment system indicators through 2020 and identifies the forces behind such trends. It also explores the lives of three Indian women from different socio-economic backgrounds as they go about their financial lives and how they navigated various barriers and opportunities during the pandemic.



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MicroSave Consulting (MSC) is a boutique consulting firm that has, for 20 years, pushed the world towards meaningful financial, social, and economic inclusion. With 11 offices around the globe, about 190 staff of different nationalities and varied expertise, we are proud to be working in over 50 developing countries. We partner with participants in financial services ecosystems to achieve sustainable performance improvements and unlock enduring value. Our clients include governments, donors, private sector corporations, and local businesses. We can help you seize the digital opportunity, address the mass market, and future-proof your operations.