This is what India's business leaders are saying about Modi's decision to scrap Rs 500 and Rs 1000 notes

After PM Narendra Modi announced that 500 and 1000 Rs note will not be valid beginning tomorrow, fintech start-ups are on a new high. After Vijay shekhar Sharma, here are a few thoughts from the merging entrepreneurs in the country

“We welcome the Government’s bold and courageous move to weed black money, which will have significant long term benefits for the economy. With this, the quantum of India’s economy moving through the digital pipes will witness massive growth. Both Snapdeal and Freecharge are committed to supporting all such initiatives.” – Kunal Bahl, Co-founder & CEO Snapdeal

"We welcome this landmark move by the Hon'ble Prime Minister. As a nation, this is our first major step towards a cashless economy, bringing convenience and transparency for every Indian. This move is integral in realising our shared vision of a Digital India.” – Bhavish Aggarwal, Co-founder & CEO, Ola

“This is a welcome move by PM Modi for significant growth in Digital Payments. We will also see huge reduction in Cash on Delivery transactions. This will definitely provide boost to Internet commerce and Payments.” – Amrish Rao, CEO, PayU


“This is definitely a positive and bold move by our government. Apart from tackling the issue of unaccounted money, this will create tremendous opportunity for payment tech firms to offer best in class products for all segments of the society. We at UDIO are super excited with this opportunity and our experience in delivering payment products & services to the masses, will serve us well.” – Anish Williams, CEO & Co founder, Udio

Fintech start-ups in India will undoubtedly gain more traction and usage. Not only that, eCommerce portals will also profit by the increase in online transactions.