Cashless payments are growing faster in India than just about anywhere else

Cashless payments are growing faster in India than just about anywhere else

Cashless payments are taking off in India, growing faster than in other countries around the world. The shift has attracted a host of tech companies, backed by deep-pocketed foreign investors, battling for market share. Digital transactions in India increased by 55% last year, compared with 48% in China and 23% in Indonesia, according to data from the Bank for International Settlements (BIS).