India’s payment apps battle to catch China in squeezing out cash

The playing field in India’s rapidly expanding market for digital payments is poised to get more crowded as the country races to catch up with China in squeezing out the use of cash, according to the head of the South Asian nation’s payments network.

That means Indians will continue to face a bewildering array of payments apps provided by Facebook Inc., Google, Amazon.com Inc. and others, in contrast to China where two home-grown technology giants dominate the market.

“India will remain a multiple-player model where the consumer has a choice to continue to use his bank account, and for the last mile can use any app which he sees fit,” said Dilip Asbe, the chief executive officer of National Payments Corp. of India. “We give equal opportunities to both small and large players, unlike China,” he added in a recent interview.