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By Aman Rawat 30 Oct'19 2 min read. Modi highlighted that India is up-to-date in terms of technology India to make big investment in infrastructure India will be working with Saudi Arabia to diversify the Indian economy. By Kritti B. By Bhumika K. The digital wallets space in India has seen a number of consolidation moves in recent past.

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Amazon acquired online payment gateway Emvantage and started its own wallet called Amazon Pay. Flipkart took over the payments app PhonePe, and Shopclues acquired Momoe in the recent years.

The sudden surge in consolidation in digital wallets space has come about due to certain RBI guidelines that mandate them to carry out KYC compliance, combined with increased usage of UPI for digital transactions. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.

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