India Stack has revolutionised the banking and financial services industry by simplifying the processes of identity verification, digital payments, and lending. India is rapidly advancing into the digital era. At the forefront of this transformation is India Stack , which is designed to digitise and democratise access to essential services for citizens and businesses. India Stack is a set of application programming interfaces (APIs) and digital systems that allow governments, businesses, and developers to utilise India’s digital infrastructure efficiently. Built on layers such as presence-less, paperless, cashless and consent-based services, India Stack ensures privacy while promoting efficient digital transactions. As per industry reports, with enablers like deep internet penetration and cheap and affordable 4G and 5G services, India is set to become a USD 1 trillion digital economy by 2028. India Stack is revolutionising the way businesses interact with each other, with its influence spanning multiple sectors. From healthcare to financial services, the system’s layers are enabling seamless and safe digital transactions, changing the nation’s approach to governance and e-commerce. Below is a breakdown of how each layer of India Stack is enabling this transformation. Presence-less Layer (Digital Identity): The foundation of India Stack is the Aadhaar system, which […]
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