New Delhi, May 12 -- The Reserve Bank of India (RBI) recently permitted minors aged 10 years or older to independently open and operate savings and term deposit accounts. In the same week, the Deloitte Global Digital Banking Maturity Survey reported that nine Indian banks were among 40 globally identified digital champions in 2024.

At first glance, these events seem unconnected. But in fact, both point to a pivotal shift in India's payment ecosystem over the last decade. Two trends stand out. One, Indians have embraced digital payments with gusto-the rapid adoption of UPI as a payment system is both a cause and a consequence of this shift. Two, most retail, day-to-day digital payments are made using a mobile phone app. In volume terms, m...