The fintech industry continues to talk about countries becoming cashless and it questions whether India is getting closer to achieving this with Narendra Modi’s ban of large cash notes. Is this a step in the right direction for fintech and the ever-growing digital payments sector? We’ll have to just wait and see, but Indians are turning to digital payments startups for help despite over 90 per cent of transactions being cash-based.
The currency policy change Prime Minister Narendra Modi proposed at the start of this month meant that all 500 and 1,000 rupee notes would be taken out of circulation, sending hundreds of thousands of Indians into queues at the banks.
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