As opposed to the drastic impact of demonetization there seems to be a rise in the mobile payments and the overall sales as compared to the 20-30% a couple of years back.
The cash crunch has affected several Indian states which gave rise to the mobile e-payments. Also, several retailers and many of the industry executives also purchase the credit card, debit card and a lot of e-wallets which are offer zero cash backs and equated monthly installments which are provided.
People buying actual cash has reduced and have given rise to digital and mobile e-payments. The sales through the non-cash mechanism has also risen and risen to nearly around 2/3 of the overall sales.
Also, the cash purchases done via the stores is also has become in sharp contrast to the last quarter of the demonetization of the currency which was led in the year 2016.
Is the situation same throughout India?
The situation is however not the same everywhere. It is different for the places India especially in the rural setting and it is not feasible to take only charge of only the digital payments.
While most of the people in the urban areas make use of the e-wallets and have overall shown a very dramatic acceptance level, they have bank accounts to around 89% of the people who have surveyed that they only use mobile payments.
What all mobile payments have been used?
For what all are the mobile payments used?
The grocery shopping tops the list
The train or the bus tickets
Recharge of the mobile
Mobile e-wallets are soon gaining ground and is also fast becoming the much sought after footing for mobile e-payments.