There are two sides to digital payments: a consumer-facing side, which comprises mobile wallet (Paytm, PhonePe, etc.), credit card, debit cards, and new form factors (such as OEM-native payment apps, wearables, etc.); and a merchant side, which is developing at a really slow pace. It’s not a question of whether digital payments will alter the fortunes of merchants in the future – that is a given (based on empirical data). The question is, how soon?

India has bee...