Use of mobile payments platforms has soared following the Indian government's surprise demonetisation by discontinuing the two largest rupee notes. PayTM has grown its customer base by 7% to 14-fold users in less than a month and FreeCharge has reported a 160 million increase in new users in the past three weeks. The government wants to turn the country into a cashless society but 90% of transactions are still conducted in cash. However, mobile payment usage has recently increased significantly in small towns where access to electronic payment by card is limited. "Mobile is the only way beyond currency," said Vijay Shekhar Sharma, PayTM's founder and CEO.
Use of mobile payments platforms has soared following the Indian government's surprise demonetisation by discontinuing the two largest rupee notes. PayTM has grown its customer base by 7% to 160 million users in less than a month and FreeCharge has reported a 14-fold increase in new users in the past three weeks. The government wants to turn the country into a cashless society but 90% of transactions are still conducted in cash. However, mobile payment usage has recently increased significantly in small towns where access to electronic payment by card is limited. "Mobile is the only way beyond currency," said Vijay Shekhar Sharma, PayTM's founder and CEO.