Future Finance
87 Payment Apps Face an Uphill Battle to Turn India Cashless
- Cash is used for more than 70% of Indian consumer transactions
- Challenge is to spread digital payments use to rural areas
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The playing field in India’s rapidly expanding market for digital payments is poised to get more crowded as the country races to catch up with China in squeezing out the use of cash, according to the head of the South Asian nation’s payments network.
That means Indians will continue to face a bewildering array of payments apps provided by Facebook Inc., Google, Amazon.com Inc. and others, in contrast to China where two home-grown technology giants dominate the market.