According to the Digital Evolution Index 2017, India has emerged strong in terms of digital payments and has been categorised under the "break out" segment among 60 countries.
'Break Out' segment refers to those countries that have low-scoring in their current states of digitalization but are evolving rapidly.
The Fletcher School at Tufts University in partnership with Mastercard unveiled this Digital Evolution Index 2017.
The survey said that, "India has been experiencing rapid strides of progress with an evolving payments landscape, catalysed by the government's demonetisation decision."
The government's endeavour to boost the acceptance infrastructure coupled with a host of other economic reforms have further hastened the momentum for the country's journey towards a cashless society, it added.
It said that, Singapore, the United Kingdom, New Zealand, the United Arab Emirates, Estonia, Hong Kong, Japan, and Israel as digital elites characterized by high levels of digital development and a fast rate of digital evolution and with momentum and innovation on their side, these 'stand out' markets exemplify the sweet spot of advancement and future growth.
With nearly half of the world's population online, the research maps the development of 60 countries, demonstrating their competitiveness and market potential for further digital economic growth.
According to their overall digital evolution scores, Norway, Sweden, Switzerland, Denmark, Finland, Singapore, South Korea, the United Kingdom, Hong Kong, and the United States make the top ten list of advanced digital economies, but given the current pace of innovation and change, being an advanced digital economy today doesn't guarantee that status tomorrow. How open and supportive they are to innovation help determine their future growth potential.