ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more