The Wall Street Journal: Credit cards, ATMs could be obsolete in India by 2020

MUMBAI—Following India’s crackdown on cash, millions of residents who have never even used a credit card are leapfrogging into mobile payments, finding phone apps more accessible than plastic.

The value of mobile money transactions have more than doubled since the nullification of 86% of India’s cash in circulation in November, while those made with credit and debit cards has fallen, and check purchases have barely budged. Mobile payments still make up only a small percentage of overall transactions, but their surging popularity is being noticed.

Related: Why Apple Pay and mobile wallets never really took off despite all the buzz back in 2014

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