Wednesday
July 12
2017

Digital transactions slowing down in India after initial demonetisation rush

The growth in cashless transactions, doubling in the aftermath of demonetisation, seems to have hit a new normal of 27 per cent in May and June.

By the time this financial year draws to a close, growth in digital modes of payment may stabilise at 30 per cent to 40 per cent higher than last year, say industry experts.

The currency ban widened the use of debit cards. The average value of card payments fell drastically, showing that they were used even for small value purchases.

Source: Economic Times (link opens in a new window)

Categories
Financial Inclusion
Tags
cashless, demonitization, digital payments, India, mobile money