SATARA, India: India's dependency on cash may slow the country's transition to digital payments despite large numbers of Internet and mobile phone users.
The demonetisation got rid of old 500 and 1,000 rupee banknotes and Modi said that would boost the country's digital economy, unearth unaccounted wealth and reduce the use of cash. To be sure, digital transactions have grown, rising 19.5 per cent in value in 2018/19 and 22.2 per cent in 2017/18, the Reserve Bank of India said in a report.On whether India's efforts to move to electronic payments has been slow, the central bank noted what it said in a statement last week.
Smaller stores who don't enjoy high volume sales often charge customers extra, to make up for what they must pay the service partners for electronic transactions.