What is the key to digital banking success in India?

India has brought 300 million new clients into banking. How? Money and Banking says it is some collection of the following:

Many previous efforts to reduce the ranks of the unbanked have been far less effective (see, for example, Dupas et al). Consequently, a great deal of research is still needed to understand exactly which characteristics of the Indian program have been key to its success. Is it the country’s unique 12-digit biometric identification (Aadhaar) issued to over 99 percent of adults that facilitates account opening and limits fraud? Is the government’s effort to digitize payments, including benefits transfers that can be distributed through these accounts? Is it the ability of government to use a largely public-sector banking system to advance a possibly unprofitable national mission? Is it the thousands of new bank agents engaged to encourage account opening and use in rural villages? Is it added benefits (such as insurance and overdraft privileges) associated with the accounts? Is it the national scale that creates a range of favorable network effects (such as facilitating remittances across long distances)?

Why all the new human agents? Everyone has to get signed up, biometrically.  Initial set up requires the human and paper connection.  Keep the human agents and they can qualify real assets for digital certificates.

And the list does not include auto trading, nor did they mention fouling up the inknpaper system, which drove clients to digital out of necessity.

I call it a slightly favorable mixed bag. Fair autotrading is a big draw as it lets the average person get even money.  Winners have to have good inside information, of the productive variety.