Demonetisation: Rising digital payments reduced in November 2016, when compared to October 2016

Consumption of goods and services by people and the government in the second quarter of financial year 2016-17–July 1 to September 30–grew 2.8% over the previous quarter (April to June), according to data from the central statistics office.

During the same period, non-cash payments–NEFT, IMPS, PPI, mobile banking, PoS terminals and NACH (National Automated Clearing House)–rose 6%, showing that digital transactions, rose faster than consumption.This suggests that cash transactions have been reducing since January 2016.

(Sourced from agencies, feature image courtesy:itnewsafrica.com)