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.
1 comment:
Fact after 2 yrs per RBI
https://www.google.com/amp/s/www.deccanherald.com/amp/national/cash-circulation-crosses-rs-20-706334.html
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