India is slowly adopting to cashless economy Post Demonetization. Credit Card/Debit Card usage and Payment wallet adoption has been significantly surged post demonetization. Here are the major stats which reflects how the digital transactions jumped post demonetization
Pine Labs is processing around 1.1-1.2 million transactions on an average per day after the withdrawal of Rs 500 and Rs 1,000 notes. Before November 8, the number was around 5 lakh on an average weekday.
Pine Labs CEO Lokvir Kapoor said that “The average value of each transaction which had slipped to Rs 2,000 from Rs 2,700 before November 8 has now stabilised at that level”
India has around 15 lakh PoS terminals, almost 74 crore (740 million) debit cards and 2.7 crore (27 million) credit cards
Paytm, India’s largest mobile wallet service provider, has more than 15 lakh offline merchants who accept payments through its platform. The total number of wallets for Paytm is at 17 crore
MobiKwik, another major wallet provider, said number of users grew to 4.5 crore from 3.5 crore and merchants accepting MobiKwik for payments have increased to 10 lakh from 1 lakh for the month of November.
Source : Economic Times