Many thought that the draconian demonetization of 2016 would have moved India’s digital financial services industry into an entirely different level. It created momentum, but not as much as expected according to the NYT. According to the report only 14 percent of those able to go online (around 1/3rd of Indians) use digital payments. But what is important is that the Indian firms are focusing on consumer payments, not money transfers. There’s a much stronger contribution to the building of the eco system through this means.