Not China, India is now the world's fastest-growing mobile payment market

The number of mobile payment users in India surged 75.5 percent from 32 million in 20 The number of mobile payment users in India surged 75.5 percent from 32 million in 2016 to 56.2 million in 20

When the government made a move to ban 500 and 1,000-rupee currency notes in November 2016, the talk was mostly about fighting black money. A push towards a digital economy was mentioned mostly as an aside.

Though Reserve Bank of India made it clear in its annual report last year that demonetisation failed to purge black money, the ban forced people to go digital. 

According to eMarketer, India is now the world's fastest-growing "proximity mobile payment" market in the world. Proximity payments refer to scanning, tapping, swiping, or checking in with a mobile device at the point of sale.

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