India mobile payments surge after shock banknote move
India's surprise move to get rid of big banknotes may have sparked a nationwide cash crunch, but it has proved a boost for mobile payment firms.
The country's largest digital wallet firm, Paytm, logged a record of over seven million transactions on Saturday.
The loss-making firm is valued at about $5bn (£4bn) and backed by Chinese e-commerce giant Alibaba.
Paytm claims to have 150 million users while its nearest rival MobiKwik has 35 million.
Both companies have seen a surge in new users signing up.
This comes after the move by Indian Prime Minister Narendra Modi earlier this month to... read more
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