Citizen engagement platform LocalCircles' survey, revealed that out of the 8,715 participants, 68 per cent said that majority of their transactions are now happening in cash. Only 32 per cent said that they still prefer using debit or credit cards as well as other forms of digital transactions to make payments.
India has majorly been a cash-based economy. The demonetisation move by the government in November 2016 put our country on the path of being a cashless economy. In the initial period, post the move, as the cash flow in the market was low; many discounts were offered to customers on electronic transactions.
Transaction charges were waived off and it looked like...
Ani. "High cost of cashless options pushing consumers back to cash: Survey." Business Standard. February 17, 2017. Accessed April 11, 2017. http://www.business-standard.com/article/news-ani/consumers-shifting-from-cashless-to-cash-owing-to-high-costs-reveals-survey-117021700536_1.html?utm_medium=email