The digital revolution in India is well underway and there is a need to understand the adoption and usage of digital platforms on the ground. This report presents findings from a study of micro-merchants conducted in five cities: Jaipur, Kanpur, Indore, Nagpur and Surat. The survey sought to understand the business profiles of merchants in terms of their cashflows and asset ownership; their credit profiles in terms of previous and current borrowings, and their adoption and usage of digital financial services (DFS).