13-Jan-18, Business Standard
When the Indian government banned INR500 and INR1,000 currency notes in Nov-16, the talk was mostly about fighting black money. A push towards a digital economy was mentioned mostly as an aside.
%20Business%20Standard.jpg "India is now the worlds fastest growing mobile payment market (c) Business Standard")
Image: Business Standard
Though demonetisation failed to purge black money, the ban forced people to go digital. India is now the world's fastest-growing "proximity mobile payment" market in the world.
The number of mobile payment users in India surged 75.5 per cent from 32 million in 2016 to 56.2 million in 2017. This number is expected to grow to 77.8 million - nearly 30 per cent of India's total number of smartphone users - in 2118.