The recent demonetization has created a lot of ripples in the country. People have either been queueing up in front of banks and ATMs for cash to spend, or they have been making the move to digital banking and transactions and avoiding cash entirely. Amid other things, this demonetization has brought forward the role of technology in creating a cashless economy. For example, mobile wallets are constantly seeing an upward trend in usage since the demonetization announcement. Even new segments, like non-partner retail stores, are beginning to use payment wallets and other solutions to operate smoothly. And this is bringing about the single greatest FinTech Revolution of our times, right here in India. As Julie Lake, Founding Director of Fintech50 and Fintech City puts it, post London and its peak Fintech growth the world was looking at many cities as the next Fintech hub, like Singapore and other places, but with the demonetization move, India has become the next big Fintech hub overnight.
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