In line with government reforms, Prime Minister Narendra Modi has pushed Indians to adopt cashless transactions, giving the digital payments sector a significant boost. The sector is currently experiencing an unprecedented jump in growth since early November 2016, with digital wallet companies showing a growth of 271 percent for a total value of US$2.8 billion. This is because of the demonetization of the Rs 500 (US$7) and Rs 1000 (US$14) currency notes, which represented approximately 86 percent of India’s cash in circulation. As such, the digital payments industry represents an attractive destination for foreign investors keen to establish a foothold in India.
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