It is bonanza time for digital payment providers in India.
With demonetization leading to a severe cash crunch over the past two months, these companies have taken centerstage in Asia’s third-largest economy, particularly with Narendra Modi’s government pushing for a cashless economy.
Since Modi’s historic announcement on Nov. 8, that two common denominations of currency would be pulled out of circulation, Paytm, India’s largest digital payments startup, has seen its daily transactions triple to 7.5 million; last month it clocked 173 million users. Mobikwik, another such platform, has seen 400% growth in transactions. Full Story