The U.S. Agency for International Development (USAID) announced today the launch of a new initiative “Catalyst: Inclusive Cashless Payment Partnership” (www.cashlesscatalyst.org).
This multi-stakeholder partnership is designed to scale digital payments systems in India, catalyzing an exponential increase in cashless payments in select geographic locations. These locations will be selected based on criteria such as smartphone penetration, the local economy, and administrative feasibility.
This launch marks the next phase of partnership between USAID and India’s Ministry of Finance to help catalyze the rapid adoption of digital payments in India as a step toward achieving Prime Minister Narendra Modi’s vision of universal financial inclusion to end “economic untouchability” in India.
As noted by the White House during Prime Minister Modi’s visit to the United States in June, “the United States and India recognize the importance of efforts to expand financial inclusion as a means to fostering inclusive economic growth.”