Contrary to the government’s aims of increasing digital payments through notebandi, the number of cashless payments–through online, mobile banking, debit cards and immediate payment service (IMPS)–reduced by 15% in November 2016, when compared to October 2016, after rising since January 2016, when compared to the previous year.
In a year that will be remembered in history for notebandi–a colloquial term for the withdrawal of 86% of the value of India’s currency in circulation on November 8–the amount transacted digitally reduced by 8% in November 2016 over the previous month. Reduction in both the number of transactions and the value of money transferred, shows a reduction in general consumption immediately after notebandi.
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Still, cashless payments in October 2016 increased 22%, when compared to October 2015.
Cashless payments decline in November 2016; pick up in December
Compared to October 2016, the number of all kinds of cashless transactions, except cheque payments, decreased in November 2016, the month when old Rs 1,000 and old Rs 500 notes were demonetised. Except for mobile banking, the money transferred using all means reduced in November 2016.