The number of digital payments made in India, which removed 86% of its cash from circulation in November last year, has slowed in recent months, according to a report from financial services firm RBI. The company found that withdrawals from cash machines have returned to their pre-demonetisation levels, while retail payments using cards or mobile devices surged in December 2016, but have now stabilised. "All these data points raise doubts over the desired structural shift towards digital payments post demonetisation," the report concluded.
The number of digital payments made in India, which removed 86% of its cash from circulation in November last year, has slowed in recent months, according to a report from financial services firm Motilal Oswal. The company found that withdrawals from cash machines have returned to their pre-demonetisation levels, while retail payments using cards or mobile devices surged in December 2016, but have now stabilised. "All these data points raise doubts over the desired structural shift towards digital payments post demonetisation," the report concluded.