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India Hopes Currency Shortages Will Drive Transition to Cashless Economy

Hundreds of customers who come to pick up popular local savories at Satnam Singh’s shop in a bustling market in New Delhi used to hand out cash for their purchases, usually amounting to $2 to $5. But his sales plunged after massive currency shortages hit India following last month’s ban on high value denomination notes. Realizing that people did not have cash to spare for non-essential purchases, he began offering his customers the option to pay via mobile wallets. “Standing in long lines...

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