Digital payments is India’s new currency
Tuesday, June 6, 2017
Amid the ongoing raging debate on the benefits of demonetisation, there’s been strong growth in digital payments and transactions in the months since the currency swap was announced on November 8, according to Reserve Bank of India data.
Digital transactions have trebled and quadrupled in volume and value across various modes from wallets to cards and interbank transfers from a year earlier. Card transactions at point of sale (PoS) terminals at merchant locations have surged, reflecting a positive for the economy as more people start using their debit cards for payments rather than for withdrawing cash at ATMs.