The Fletcher School at Tufts University in partnership with Mastercard, unveiled the Digital Evolution Index 2017.
The Index is a comprehensive research that tracks the progress countries have made in developing their digital economies and integrating connectivity into the lives of billions.
The 'break out' segment refers to countries that have relatively lower absolute levels of digital advancement, yet remain poised for growth and are attractive to investors by virtue of their potential, a statement issued by Mastercard said.
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.
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"With new players foraying into the market and an entire gamut of solutions for alternate payments, the India payment ecosystem is growing each day," Porush Singh, country corporate officer, India and Division President, South Asia, Mastercard said.
The Index measures four key drivers - supply, consumer demand, institutional environment, and innovation.
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