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Note ban boost to digital payments continues: Study

Two-thirds of respondents would continue to use non-cash payments if there is ease in doing so

Indivjal Dhasmana  |  New Delhi 

digital, wallet, cashless, transaction, online, digital, payment
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About a third of those who were using cheques, plastic money or non-payments after would now go back to for many reasons, including behavioral ones, according to a study conducted by US-based financial inclusion consultancy firm MicroSave. 

This also means two-thirds would continue to use non-payment modes, provided there is ease in doing so, revealed the survey, conducted to gauge how the pattern of transactions had changed after

Prime Minister Narendra Modi had on November 8 demonetised Rs 500 and Rs 1,000 notes, sucking out 86 per cent of from the economy and forcing a large number of people to switch to non-payment.

Manoj Sharma, managing director, Asia-Pacific, MicroSave, said the study covered Rajasthan, Uttar Pradesh, Madhya Pradesh and West Bengal. As many as 66 per cent of those covered said they would use non-payment systems if sufficient digital acceptance points were developed and training was provided on digital financial services. However, 34 per cent said they would return to using because of behavioural and functional issues. 

noteban

 

Behavioural issues means those related to trust, perception and risk. Functional issues are awareness, usability and costs, infrastructural and grievance redress. Fifty-nine per cent said they used cheques, 61 per cent debit cards, 26 per cent e-payment systems and 11 per cent mobile wallets. Since every respondent might have used more than one mode, the total is more than 100. Also, 51 per cent more people used cheques after the ban on the use of Rs 500 and Rs 1,000 currency notes, but 8 per cent decreased it as well. 

Forty-one per cent retained use of cheques. Among users of debit cards, 22 per cent increased it and 23 per cent decreased. Those who decreased their use attributed it to long queues at automatic teller machines since November 10.

Note ban boost to digital payments continues: Study

Two-thirds of respondents would continue to use non-cash payments if there is ease in doing so

Two-thirds of respondents would continue to use non-cash payments if there is ease in doing so
About a third of those who were using cheques, plastic money or non-payments after would now go back to for many reasons, including behavioral ones, according to a study conducted by US-based financial inclusion consultancy firm MicroSave. 

This also means two-thirds would continue to use non-payment modes, provided there is ease in doing so, revealed the survey, conducted to gauge how the pattern of transactions had changed after

Prime Minister Narendra Modi had on November 8 demonetised Rs 500 and Rs 1,000 notes, sucking out 86 per cent of from the economy and forcing a large number of people to switch to non-payment.

Manoj Sharma, managing director, Asia-Pacific, MicroSave, said the study covered Rajasthan, Uttar Pradesh, Madhya Pradesh and West Bengal. As many as 66 per cent of those covered said they would use non-payment systems if sufficient digital acceptance points were developed and training was provided on digital financial services. However, 34 per cent said they would return to using because of behavioural and functional issues. 

noteban

 

Behavioural issues means those related to trust, perception and risk. Functional issues are awareness, usability and costs, infrastructural and grievance redress. Fifty-nine per cent said they used cheques, 61 per cent debit cards, 26 per cent e-payment systems and 11 per cent mobile wallets. Since every respondent might have used more than one mode, the total is more than 100. Also, 51 per cent more people used cheques after the ban on the use of Rs 500 and Rs 1,000 currency notes, but 8 per cent decreased it as well. 

Forty-one per cent retained use of cheques. Among users of debit cards, 22 per cent increased it and 23 per cent decreased. Those who decreased their use attributed it to long queues at automatic teller machines since November 10.
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Business Standard
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Note ban boost to digital payments continues: Study

Two-thirds of respondents would continue to use non-cash payments if there is ease in doing so

About a third of those who were using cheques, plastic money or non-payments after would now go back to for many reasons, including behavioral ones, according to a study conducted by US-based financial inclusion consultancy firm MicroSave. 

This also means two-thirds would continue to use non-payment modes, provided there is ease in doing so, revealed the survey, conducted to gauge how the pattern of transactions had changed after

Prime Minister Narendra Modi had on November 8 demonetised Rs 500 and Rs 1,000 notes, sucking out 86 per cent of from the economy and forcing a large number of people to switch to non-payment.

Manoj Sharma, managing director, Asia-Pacific, MicroSave, said the study covered Rajasthan, Uttar Pradesh, Madhya Pradesh and West Bengal. As many as 66 per cent of those covered said they would use non-payment systems if sufficient digital acceptance points were developed and training was provided on digital financial services. However, 34 per cent said they would return to using because of behavioural and functional issues. 

noteban

 

Behavioural issues means those related to trust, perception and risk. Functional issues are awareness, usability and costs, infrastructural and grievance redress. Fifty-nine per cent said they used cheques, 61 per cent debit cards, 26 per cent e-payment systems and 11 per cent mobile wallets. Since every respondent might have used more than one mode, the total is more than 100. Also, 51 per cent more people used cheques after the ban on the use of Rs 500 and Rs 1,000 currency notes, but 8 per cent decreased it as well. 

Forty-one per cent retained use of cheques. Among users of debit cards, 22 per cent increased it and 23 per cent decreased. Those who decreased their use attributed it to long queues at automatic teller machines since November 10.

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Business Standard
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