Mobile Money in India: Does Digitalization Follow Demonetization?
At the end of May 2017, Paytm – India’s largest mobile money company – launched Paytm Payments Bank, having received the last clearance from the Reserve Bank of India (RBI). “We wish to acquire 500 million new customers and launch a slew of financial services products such as deposits, wealth management, insurance, financial lending and many more,” Paytm founder Vijay Shekhar Sharma told business daily Mint. A few days before that, it got a fresh investment of $1.4 billion from SoftBank of Japan, taking its valuation to $8 billion. The twin developments promise to herald a coming of age for mobile wallets in India.".
FINO PayTech was chosen by UIDAI to demonstrate the tech enabled payment mechanism at the national launch of Aadhaar-based service delivery.