We are going Digital now…yes it is true.
- Several Indians even from smaller towns and cities have now turned towards to digital payments.
- Reserve Bank of India data had indicated that there was a sharp increase in banking transactions after the note ban in 2016.
- However, we could see that payments are made by these people digitally for the goods and services, which has given a great hope for a continued growth for non-cash payments.
- Subsequent to Demonetization, it is observed that there is a multi-fold increase in Card transactions in towns which has a population of up to 1 million.
- In cities like Aligarh, Hubli, Udaipur, merchants have now adapted to the QR code system and appear to be averse to platform transactions.
- This has been unique in the recent years, and the slow increase in the digital payments after 2016 demonetization has effectively increased in its number.