Short of cash, Indians go digital

Short of cash, Indians go digital

Mobile and digital payments will overtake physical card payments as the predominant non-cash payment mode in India in 2017, driven by demonetisation, according to a report by Deloitte India, titled ‘Technology, Media and Telecommunications (TMT) Predictions 2017’.

“Demonetisation has forced a behavioural change in the Indian consumer. While FinTechs used the ‘carrot’ approach to entice customers to switch behaviour and adopt digital payments, demonetisation employs a more draconian ‘stick’ approach, which may prove to be more effective,” the report, which was made available to ET, said.

“Demonetisation may well be the catalyst that sees semi-urban and rural markets in India skip the ‘card’ era and leapfrog directly to ‘mobile payments’ era,” the report added. The firm’s research also found that 43% of adult smartphone users in developed markets use their phones to check their bank accounts.  PHOTO: The government’s Digital India promotes the use of electronic payments  READ MORE: http://economictimes.indiatimes.com/articleshow/57093312.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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