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Pay by app: The risks and rewards as Indians chuck cash, go digital

There are 238 digital payment apps to choose from if you still haven't downloaded one for your smartphone

India lags on per capita digital transactions, but is on the track

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The growth in digital money and transaction platforms has been at lightning speed considering that it took India almost four decades to have 40 million credit card users

Karan Choudhury Neha Alawadhi Bengaluru and New Delhi

8 min read Last Updated : Feb 05 2020 | 7:29 PM IST

In 2015, there were fewer than 40 digital money apps in India. Search in your phone’s app store now and you will find 238 options.

The growth in digital money and transaction platforms has been at lightning speed considering that it took India almost four decades to have 40 million credit card users. Digital wallets, like Paytm, Google Pay, or PhonePe, have managed to draw over 500 million users in one-tenth of that time. As India’s digital payments industry grows rapidly, users are reaping rewards but they would do well to guard themselves against risks too.

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Topics : Digital payments revolution Digital Payments Digital payment problems digital payment solutions Online payments mobile payment firms Google's new mobile payment application mobile payment

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