India may be one of the world’s most active fintech markets, with EY’s Fintech Adoption Index 2017 even rating India as the nation with the second highest rate of fintech adoption. But behind the arc lights, there’s a bottomless void filled with many players.

In March, mobile wallets saw their value of transactions plummet 23% in just one month. Though official data isn’t available for the month of April, anecdotal conversations paint a gloomy picture for mobile wallets as usage continues to plummet on account of the Reserve Bank of India’s (RBI) stringent Know Your Customer (KYC) norms.

AUTHOR

Mandar Kagade

A policy wonk and a lawyer (in that order), Mandar Kagade is focussed on the development of regulatory policy in connection with the payments ecosystem. He is passionate about exploring intersections of finance and policy.

View Full Profile

Sign up to our India edition to read this story instantly

To sign up, you’ll create an account that will give you access to a new free story published once a week and archive of 214+ previously published free stories from our India edition. You’ll also receive one email every morning from us introducing the day’s story.

If you’ve already signed up, just enter your email below or login using Facebook or Google.