India is seeing an augmented digitization of financial services, with consumers shifting from cash to cards, wallets, apps, and UPI, Niti Aayog Vice-Chairman Rajiv Kumar said on Monday.

While releasing a report -- Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat -- prepared jointly by Niti Aayog and Mastercard , Kumar said this report looks at some key sectors and areas that need digital disruptions to bring financial services to everyone.

"Technology has been transformational, providing greater and easier access to financial services. India is seeing increasing digitization of financial services, with consumers shifting from cash to cards, wallets, apps, and UPI," he said. The report recommended that there is a need to strengthen the payment infrastructure to promote a level-playing field for NBFCs and banks.

It also pitched for digitizing registration and compliance processes and diversifying credit sources to enable growth opportunities for MSMEs. According to the report, there is a need to build information-sharing systems, including a 'fraud repository', and ensuring that online digital commerce platforms carry warnings to alert consumers to the risk of frauds. It also pitched for enabling agricultural NBFCs to access low-cost capital and deploy a 'phygital' (physical + digital) model for achieving better long-term digital outcomes. "Digitizing land records will also provide a major boost to the sector," the report said.

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