Many previous efforts to reduce the ranks of the unbanked have been far less effective. Consequently, a great deal of work is needed to determine which characteristics of the Indian programme have been key to its success. Is it the country’s unique Aadhaar ID that facilitates account opening and limits fraud? Is it the government’s effort to digitize payments, including benefits transfers that can be distributed through these accounts? Is it the willingness of 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 debit cards, insurance and overdraft privileges) associated with the accounts? Is it the national scale that creates a range of favourable network effects (such as facilitating remittances across long distances)?