Demonetisation led to spike in transaction, not in value

The Reserve Bank of India (RBI) data show that even as usage of cards after demonetisation increased sharply, the aggregate value did not improve much. Between October and November, the banking industry’s total card usage increased 45%, but the value increased less than 12%. The case is even more interesting for e-wallet companies. Data show while usage of e-wallets increased, the aggregate volumes in November were less than what was registered in October.  Credit Suisse said in a report that with average ticket size of wallet transactions being at Rs 240, compared with Rs 1,350 for debit cards and Rs 2,740 for credit cards, the wallets are “not yet adequate to offset the slack in cash transactions.” In November though, the number of point-of-sales (PoS) terminals grew at a healthy 5%