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Figure A1: District-level maps of DFS growth. Notes: We show the growth rates of amount of digital transactions between 2018 and 2019. Here, -0.90 to 0.97 represents growth of DFS between -90% and 97%. Regions covered in darker shades mean higher growth in DFS. Growth rate for the darkest shade is between 123% and 396%. Data: Phone Pay Pulse, UPI 2018 and 2019.

Figure A1: District-level maps of DFS growth. Notes: We show the growth rates of amount of digital transactions between 2018 and 2019. Here, -0.90 to 0.97 represents growth of DFS between -90% and 97%. Regions covered in darker shades mean higher growth in DFS. Growth rate for the darkest shade is between 123% and 396%. Data: Phone Pay Pulse, UPI 2018 and 2019.

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This study examines how digital financial services (DFS) drive labor reallocation in India, leveraging nationally representative data and a two-stage least squares approach. For men, DFS facilitates a shift from agricultural self-employment to formal wage employment. For women, it reduces unpaid labor, promoting entry into formal work and increasin...