Master's Thesis
+0.34
PMJDY Elasticity (Mature Era)
Digital Payments and Financial Inclusion in India: A State-Level Look at the Early and Mature UPI Eras
Two parallel state-level regressions, five years apart, give the same answer: financial-inclusion programs that decouple account access from income leave a measurable footprint on per-capita digital-payment use beyond the income gradient — market-allocated infrastructure does not.
