After demonetization in November last year, digital transactions went up substantially mostly on account of shortage of cash. This was good news as Government of India pushed the country towards better transparency by enabling cashless transactions.
Since then apart from mobile wallets, platforms such as UPI, AadhaarPay and Bharat QR code have been launched to enable further digitization as well as help people use their smartphones for going cashless.
With the push towards digitization, the total value of transactions by electronic payment touched a high of Rs. 149 lakh crore* in March 2017 but growth had started slowing down in subsequent months.
However, they are still 50% higher than pre-Demonetization era* and continue to grow.
Wallet companies are panning out to the smallest of vendors, kirana stores and other players for widespread reach. The Government is moving more and more payments to cashless modes. For instance, collection of traffic fines, payment of utility bills, property tax, and other bills, collection of fees at educational institutes, payment for transportation etc can all be done digitally to slowly enable people to use less cash.
More banks are also enabling cashless transactions through UPI, their own wallets and also support awareness programs. There are 800 million debit cards in the country and only 2.5 lakh PoS (point of sales) machines. With the launch of Bharat QR, PoS machines are not needed and this will further help in growth of digital transactions.
If you wish to climb the the cashless bandwagon and get rid of your bulky purse with its physical cash, you can download the Udio App and use Udio Prepaid cards in all Visa accepting merchant locations.
You can use them digitally for online transactions, order physical visa cards, or use through Bharat QR code and join the Digital India movement.
*Source: NPCI, RBI data Analysis
Use Udio – Support us in making India a cashless country!