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LATEST NEWS UPDATES | Cash still king as digital payments inch up slowly -Rachel Chitra

Cash still king as digital payments inch up slowly -Rachel Chitra

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published Published on Nov 8, 2017   modified Modified on Nov 8, 2017
-The Times of India

CHENNAI: If demonetisation was a push for a cashless economy, it has been working very slowly. Reserve Bank of India data shows the usage of wallets, non-UPI banking apps and Aadhaar-enabled payments has been slow to catch on, while that of debit cards has fallen. The UPI payments have been growing, and a significant chunk of them are mobile-based.

Overall, electronic payments stood at Rs 200 trillion in August — an increase of 5 per cent over August 2016 but 0.7 per cent lower than at the peak of demonetisation in December last year (Rs 201 trillion).

Some categories of digital payments have in fact fallen below their pre-demonetisation levels. Mobile banking saw the sharpest fall of 30 per cent since August last year, and 46 per cent since the demonetisation-period high of Rs 1.5 trillion. Debit card payments also fell by 2.2 per cent to Rs 2,706 billion this August from Rs 2,767 billion in October 2016. This was despite a 4 per cent increase in the number of debit card transactions. People are swiping their cards more often for smaller amounts at ATMs as roughly 10 per cent less cash is in circulation compared with the pre-demonetisation period.

The most touted benefit of demonetisation was the increase in mobile banking and wallets. But as of August 2017, mobile banking forms only 0.33 per cent (Rs 799.13 billion) of total online payments. Mobile wallets, including Paytm, Mobikwik and those from banks, form only 0.051 per cent (Rs 102.88 billion) of the total. Their share of the digital pie is virtually unchanged since August 2016. Mobile banking rose from 0.37 per cent of e-payments in August to 0.71 per cent in November 2016 before falling back to 0.33 per cent.

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The Times of India, 8 November, 2017, https://timesofindia.indiatimes.com/business/india-business/cash-still-king-as-digital-payments-inch-up-slowly/articleshow/61554102.cms


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