The note-ban decision upped investor interest in the country's fintech industry that led to a five-fold increase in deal activity in 2017, a report said today. At the global level, heightened activity in India, along with the UK and US led to a 18 per cent rise in fintech financing at USD 27.4 billion in 2017, the report said. The report by global tech major Accenture attributed the surge in deals to the controversial demonetisation decision of the government. Deal activity in the country was led by the mobile wallet-turned-payments bank Paytm, which witnessed a USD 1.4 billion infusion during the year. Demonetisation "prompted millions of Indians to shift to mobile payments and other cashless service providers like Paytm", the report said.

Source: dna February 28, 2018 11:37 UTC