87 payment apps face an uphill battle to turn India cashless

The Business Times | Aug 16, 2019 at 12:00 AM
  • 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.
  • The so-called Unified Payments Interface managed by NPCI allows any firm to use an infrastructure linking all the nation’s banks to create new digital payments services quickly and cheaply.
  • The target would raise the proportion to about 38 per cent, and bring the country closer to China, where WeChat Pay alone has 800 million users.