A roller coaster ride after demonetisation: From digital to less cash

Experts believe that the government took more on its plate than it could handle

A half-torn poster of Paytm Wallet with the first four digits of Ashok Mondol’s mobile phone pasted on the side of his grocery shop in Chittaranjan Park, a South Delhi residential colony, is the only evidence left of him ever accepting digital money. Till November last year, Mondol used his smartphone mostly to watch films. But, after the note ban, for some period, it became the main tool that kept his shop afloat.

“Mobile wallets became my shop’s lifeline. I could finally run my business,” he said. However, his digital journey ended soon enough. “Cash came back to the market.