In February, Shelley Spencer and Nicholas Lesher traveled to New Delhi to launch a report on the distinct financial attitudes, abilities, and behavior patterns of the emerging middle class (EMC). The report was made possible by a charitable contribution from Visa’s Global Financial Inclusion Unit to NetHope, with research conducted by Deloitte Touche Tohmatsu India LLP.

The report, titled “Decoding the Unexplored Middle”,  presents observations and findings from quantitative and qualitative data from 500 EMC customers and 250 merchants in 37 cities across the country. The report explores the potential for digital financial services (DFS) offerings to drive financial inclusion and empowerment in India, as well as the current reality of uptake and usage of these products among under-served market segments. By identifying six key factors that inform DFS adoption (Awareness, Access, Interest, Evaluation, Usage, and Trust), the report puts forward practical recommendations for different stakeholders in the Indian market to better leverage the potential created by this dynamic and rapidly evolving sector.