State rivals force India's e-payment firms to step up their game

State rivals force India's e-payment firms to step up their game

A Sadhu or a Hindu holy man pays the vendor through Paytm, a digital wallet company, after buying a book during the annual religious festival of Magh Mela in Allahabad, India, January 26, 2017. REUTERS/Jitendra Prakash

Electronic payment firms got a big boost when India abolished most of the country’s banknotes last year, but rival state-sponsored e-payment services are forcing them to raise their game to hang on to their new customers.

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