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Economy

India currency crackdown spurs digital wallet use

MUMBAI (NewsRise) -- India's move to ban high-value currency notes to weed out unaccounted wealth has stirred a boom in digital wallets industry, but retaining the growth momentum remains a key challenge.

Earlier this month, the Indian government abruptly withdrew 500 and 1,000 rupee notes -- about 85% of the currency in circulation -- in a bid to flush out unaccounted money and curb corruption. The ensuing cash shortage has triggered a surge in the number of people using alternative payment platforms such as digital wallets using their smartphones.

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