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Interest-paying e-wallets a challenge for Indian banks

Central bank has licensed 11 such entities, called payment banks, which operate a lot like PayPal
Friday, September 11, 2015 - 05:50
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GAME CHANGER: PayTM, which started off as a service for adding credit to prepaid phones, has evolved into India's largest e-wallet repository, allowing customers to pay utility bills, buy bus tickets and pay for Uber rides.

Mumbai

A FLEET of Indian startups and telecom operators want customers to ditch their boring bank accounts and put their money into digital wallets. Their sales pitch: It pays interest, it's secure, and it's easier to pay for a cab or order takeout without running to the cash machine.