India Is Going All-In on the Digital Payment Gold Rush
Money doesn't just vanish. And yet, in November, India's 1.3 billion people saw 86 percent of the country's cash go out of circulation overnight after the government eliminated existing 500- and 1,000-rupee banknotes. The move was part of an ongoing national effort to eliminate corruption by shifting to digital payment systems, and it spurred rapid changes. By December, India was seeing 1 million new mobile wallet users each day. Banks, startups and global firms have since launched dozens of apps and payment services, many tied to shopping, transportation networks, and debit and credit cards. Even small vendors, from corner grocers to rickshaw operators, have begun accepting digital payments.