Wednesday
November 8
2017

Demonetisation Anniversary: 40% of Indian Mobile Wallet Users Shift Back to Cash

More than 40% of the users who had started using mobile wallets post demonetisation have shifted back to cash, said a research report.

A study on the usage pattern of mobile wallets conducted by Chrome Data Analytics & Media, found that around 40% out of the 65% active users for mobile wallets have shifted to cash transaction with an increase in the availability of cash in hand.

“Demonetisation took away nearly 86% of the currency in circulation, creating a huge cash crunch in the economy, forcing a digital economy push. However as we near the year-long anniversary of demonetisation, cash has once again started gaining momentum. The usage of e-wallets has decreased drastically,” said Pankaj Krishna, chief executive officer and founder of Chrome Data Analytics & Media. “However, people continue to use e-wallets for electricity charges, payments of online food chains and cab-hailing services due to the convenience it offers.”

Photo courtesy of Simone McCourtie.

Source: Livemint (link opens in a new window)

Tags
cashless, demonitization, financial services, India, mobile money