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Abstract
The Indian Government’s Digital India vision on information, communication and entertainment sectors, ICE, has been witnessing an unprecedented growth in the Internet penetration in India. In a move to promote cashless transactions, the government has asked NITI Aayog. In the wake of the government has embarked on strategy to push digital transactions, mobile phone based payments are becoming an important means of transactions. The two key drivers of digital payments–mobile phones and internet users in India. To date, India has about 1.0 billion mobile phone subscribers and 300 million internet users, ranking second on both metrics globally. Factors which could determine market leadership in open wallets for long run are-strong data base of consumers and merchant profiles a differentiated way for money to move faster, a method to mend completely broken credit system in India, a unique insight into a person’s credit profile and importantly the users digital economic profile can form the basis of credit evaluation for banks in future.