Nina Robinson looks at how India’s digital payments industry is mushrooming after Prime Minister Narendra Modi’s demonetisation ‘shock doctrine’ tactic to rid the country of 500 and 1,000 rupee bills last November. It had an unimaginably huge impact on India’s digital payment and banking systems. The sector now has to cope with an enormous increase in digital payments using your mobile phone. People are making e-payments for goods using these ‘e-wallets’. New digital payment points have sprung up everywhere and now even small vendors and hawkers are using them. Global Business examines whether a cashless economy in India could really work to bring untold future economic benefits.
(Image: An Indian vendor who now accepts e-payments. Credit: BBC)