After an incredible boom, e-wallets are dwindling in India

Quartz India reports:
The proliferation of digital wallets seems to have ended-and even reversed-in India. From just one in 2006, the number of firms offering e-wallet services had zoomed to 60 by 2017, according to the Reserve Bank of India (RBI). However, since then, their number has shrunk to 49 due to several reasons. Smaller firms, in particular, have gradually been exiting the space. Experts cite several reasons for this, including consolidation, lack of profitability, competition, and unfavourable policy norms. Wallet365.com was India's first e-wallet, launched in 2006 by media firm Times Group in association with YES Bank.
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