International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

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Volume 8 Issue 3
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Public Digital Infrastructure and Its Role in Driving Innovation in Digital Financial Services

Author(s) Mr. Bashir Ahmad Qaderi, Prof. Dr. Nishant Kumar
Country India
Abstract Digital Public Infrastructure (DPI) has become a central facilitator of transformational innovation in digital financial services (DFS), especially in the emerging markets with a history of financial marginalisation and fragmentation of the markets. This paper critically analyzes the conceptual basis of DPI, the main elements, including the digital identity, interoperable payment system, and consent-based data exchange, and how DFS spurs innovation by reducing the costs, network effects, data-enabled credit evaluation, and collaboration between the government and the private sector. The analysis used a qualitative desk review approach with thematic synthesis of academic literature and policy reports and comparative case studies to investigate major implementations: the multi-layered India Stack (comprising of Aadhaar, Unified Payments Interface [UPI], and Account Aggregator]) in India and the Pix instant payment system in Brazil. Results show that DPI supports scaled rapidity, financial encompassment, economic formalization, and dynamism of the private sector, and UPI and Pix have recorded record volumes of transactions and fintech ecosystems. Nonetheless, the deployment has risks such as loss of privacy, cybersecurity risks, and digital exclusion, which require the implementation of sound governance structures. The paper is relevant to the literature on sustainable digital transformation as it not only points out the multiplier impacts of DPI in the Global South but also suggests new policy directions towards responsible, inclusive scaling. Such observations highlight why DPI can be a paradigm of a public good to shape technological progress with fair economic growth.
Keywords Digital Public Infrastructure; Digital Financial Services; Financial Inclusion; Innovation Mechanisms; Interoperability; India Stack; Unified Payments Interface; Pix; Public-Private Collaboration; Global South
Field Business Administration
Published In Volume 8, Issue 3, May-June 2026
Published On 2026-05-03
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E-ISSN 2582-2160
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