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The Indian economy thrives on 50 million micro, small and medium enterprises (MSMEs) that account for 37% of the country’s GDP. This percentage could be higher, if 97% of the Indian retail transactions were not conducted in cash, like they currently are.
Extensive research has shown that use of digital financial services has many advantages over cash – it leads to higher reserves and business output. This means, small business owners in India could be more profitable if digital payments were more widely used.
How do you get them to transition? Read more about how SMEs
transition from cash to digital payments.
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