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World

Mobile wallet apps cash in on India's money mess

Opening sequence

Opening sequence

World

Mobile wallet apps cash in on India's money mess

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COMING UP:Mobile wallet apps cash in on India's money mess

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Transcript

00:00:01
>> India's move to yank 80% of its bank notes out of circulation may be a massive headache for millions. But for digital payment providers, it could be the opportunity of a lifetime. They've seen a surge in new accounts as merchants and consumers look for a way around the cash crunch.
00:00:19
>> We don't have enough cash to give change to our customers right now, especially if they give us bigger bills.>> Companies like Paytm and MobiKwik offer a solution, a digital wallet that lets people and merchants pay and sell with an app.>> We were targeting 500 million users by 2020.
00:00:33
Now we're targeting them by 2018, so we've fast-forward that plan by two years.>> Paytm has also nearly doubled the number of small merchants signed up to its services to 1.5 million in the last few weeks alone. But that's the easy part. The question is, are small shop keepers actually using the service?
00:00:51
>> We're not educated enough to know how to use these apps. A lot of us don't even have smartphones.>> Many merchants also still prefer cash because it's harder for the taxman to trace. And cash is still the only option for millions who don't have bank accounts, or access to the Internet.
00:01:06
So even while mobile wallet signs pop up across the country, some experts warned that as soon as the cash crunch eases, it could be back to business as usual.