INDRANIL MUKHERJEE via Getty Images
In stark contrast to the US or the UK where 50-70% of retail payments are electronic, in India that number is approximately 3%. Banks have made a conscious effort to encourage the adoption of electronic payments, but old habits die hard, and cash continues to remain king. So what can be done to change the pace of adoption? Below are three high-level areas, including some carrots and sticks, which I believe will move the needle in India.