Capgemini and BNP Paribas's World Payments Report - 2018 (PDF) on how demonetisation digitalised India's economy:
# The Indian Government's demonetisation program resulted in the world's second-highest growth in non-cash transactions (33.2%).
# India is forging ahead of its peers - as open banking, P2P lending and demonetisation KRIIs (Key Regulatory and Industry Initiatives) take hold.
# India is expected to overtake Australia by 2018 and Canada by 2019 - and become the #9 country in the world (in the number of non-cash transactions).
# The government's financial inclusion measures have led to higher adoption of debit and prepaid cards.
# Debit cards contributed the highest growth of 76.2%.
# Credit card volumes grew by 38.1% - compared with 27.8% in 2015.
# The number of payments via mobile wallets increased by 75.5% in 2016.
# The financial literacy program Jan Dhan Yojana led to a 27% increase in financial inclusion during 2014-16.
# Initiatives to note include the development of an open API stack - a set of APIs that enable governments, businesses, startups and developers to use a single digital infrastructure to provide remote, paperless, cashless and consent-based service delivery.
# Other aspects to note include a push for digital payments through demonetisation efforts including the Bharat QR code & Aadhar Pay and growing demand for e-wallets.
# The National Payments Corporation of India's (NPCI) efforts to bring digital payments into the mainstream and financial inclusion measures by the government are driving India towards increased digital transactions.
# The Indian Government's demonetisation program resulted in the world's second-highest growth in non-cash transactions (33.2%).
# India is forging ahead of its peers - as open banking, P2P lending and demonetisation KRIIs (Key Regulatory and Industry Initiatives) take hold.
# India is expected to overtake Australia by 2018 and Canada by 2019 - and become the #9 country in the world (in the number of non-cash transactions).
# The government's financial inclusion measures have led to higher adoption of debit and prepaid cards.
# Debit cards contributed the highest growth of 76.2%.
# Credit card volumes grew by 38.1% - compared with 27.8% in 2015.
# The number of payments via mobile wallets increased by 75.5% in 2016.
# The financial literacy program Jan Dhan Yojana led to a 27% increase in financial inclusion during 2014-16.
# Initiatives to note include the development of an open API stack - a set of APIs that enable governments, businesses, startups and developers to use a single digital infrastructure to provide remote, paperless, cashless and consent-based service delivery.
# Other aspects to note include a push for digital payments through demonetisation efforts including the Bharat QR code & Aadhar Pay and growing demand for e-wallets.
# The National Payments Corporation of India's (NPCI) efforts to bring digital payments into the mainstream and financial inclusion measures by the government are driving India towards increased digital transactions.
Fact after 2 yrs per RBI
ReplyDeletehttps://www.google.com/amp/s/www.deccanherald.com/amp/national/cash-circulation-crosses-rs-20-706334.html