India aims to curb cash – but this time it wants to do it properly. The real innovation in mobile payments in India began a few months prior to the cash ban. With more than 300 million subscribers for his Jio mobile service, Ambani now wants to win over small stores, which are reluctant to go cashless because of high card fees. And if Jio runs a so-called open-banking platform to help small stores order goods and manage cash, consumer spending will circulate between merchants’ and suppliers’ accounts held at Jio Payments Bank. India going cashless will be as much a story of prime minister Narendra Modi’s second term as it was of his first.

Source: The Star June 07, 2019 06:22 UTC