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September 27, 2013 11:14 am GMT

Payments Startup MobiKwik Launches Mobile Wallet As India's Central Bank Acts To End Country's Cash Dependence

6394398121_812062dda8_zIn a move that could ease paper money's stranglehold over the Indian economy and society, Mobikwik is releasing a mobile wallet for the country's burgeoning Android smartphone-class to digitally buy goods directly from merchants. The Reserve Bank of India (RBI) is empowering payment companies to facilitate more digital transactions in order to create some competitive tension for existing players and the country's biggest banks and telcos -- which have so far failed to unleash the full potential of new technologies.

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