More availability of cash makes less use of digital payments

More availability of cash makes less use of digital payments

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More availability of cash makes less use of digital payments
More availability of cash makes less use of digital payments

As per the data provided by RBI, digital payments are reduced as ample cash is available in the economy. When the demonetisation was declared, at that time also, the flow of cash was not that much as compared to cash flow in today’s economy.

More availability of cash makes less use of digital payments
More availability of cash makes less use of digital payments

Cash withdrawals through ATM are increased in few months. It was observed that it was at the highest in the month of June as people spend lot of money at this time for school supplies as schools open for new academic year. As compared to data of March 2017 there is huge rise in cash withdrawals through ATM using cards.

So as per financial experts, there should be proper watch on use of cash and more emphasize should be on digital payments like debit and credit cards, Mobile wallets and online payments, as it is important for our country, to take further steps, towards digitalisation.

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