INDIA
India has embraced innovation through the India Stack.
A government-led initiative designed to address the country's challenges using open APIs. This stack, built on the Aadhaar national identity platform, comprises three layers: Presence-less Layer (Aadhaar), Paperless Layer (digital locker and digital signature), and Cashless Layer (Unified Payments Interface - UPI).
Aadhaar's biometric and demographic data enables secure authentication, while e-KYC and e-Sign streamline identity verification and document signing. UPI revolutionizes cashless transactions, promoting financial inclusion and instant fund transfers.
The India Stack has transformed industries, enabling startups to scale customer onboarding and reducing service times. Its interoperability and smartphone integration facilitate seamless payments, making international switches unnecessary. With a commitment to digital transformation, the Indian Government is driving initiatives like phasing out higher denomination currency notes and advancing Digital India. India's pioneering efforts in the digital space, marked by Aadhaar's growth, are closely watched worldwide.
Updated: November 2023
