This is what India's business leaders are saying about Modi's decision to scrap Rs 500 and Rs 1000 notes
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“We welcome the Government’s bold and courageous move to weed black money, which will have significant long term benefits for the economy. With this, the quantum of India’s economy moving through the digital pipes will witness massive growth. Both
"We welcome this landmark move by the Hon'ble Prime Minister. As a nation, this is our first major step towards a cashless economy, bringing convenience and transparency for every Indian. This move is integral in realising our shared vision of a
“This is a welcome move by PM Modi for significant growth in Digital Payments. We will also see huge reduction in Cash on Delivery transactions. This will definitely provide boost to Internet commerce and Payments.” – Amrish Rao, CEO, PayU
“This is definitely a positive and bold move by our government. Apart from tackling the issue of unaccounted money, this will create tremendous opportunity for payment tech firms to offer best in class products for all segments of the society. We at UDIO are super excited with this opportunity and our experience in delivering payment products & services to the masses, will serve us well.” – Anish Williams, CEO & Co founder, Udio
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Fintech start-ups in India will undoubtedly gain more traction and usage. Not only that, eCommerce portals will also profit by the increase in online transactions.
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