HomeNews News State-Backed Rivals Force India's E-Payment Firms to Step Up State-Backed Rivals Force India's E-Payment Firms to Step Up

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State-Backed Rivals Force India's E-Payment Firms to Step Up

State-Backed Rivals Force India's E-Payment Firms to Step Up

Friday, March 10, 2017, 3:56 PM

Electronic payment firms got a big boost when India abolished most of the country's banknotes last year, but rival state-sponsored e-payment services are forcing them to raise their game to hang on to their new customers. Until November's move, which scrapped 86% of all notes to foil counterfeiting and the black market, more than 90% of transactions in India were in cash.
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