Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

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India: a country where 97% of transactions in volume terms still happen with cash. Is such a cash-dependent economy ready for a cashless digital economy? This question was put to the test during recent demonetisation when 86% of cash currency in the country was withdrawn overnight on 8th November, 2016. Since then, consumers from various income strata, as well as large and small local vendors, quickly adapted to new and alternative payment methods - digital wallets, banking apps.Although a disruptive move, demonetisation has seeded the growth of digital finance in India. Following demonetisation, consumers, the Indian government and private players came together and acted synergistically on a number of digital payment initiatives. While some of this coordination and swift action was a temporary reaction to demonetisation, other long-term factors demonstrate that India is ready for a digital revolution and permanent shifts to digital may be on the horizon.

India: a country where 97% of transactions in volume terms still happen with cash. Is such a cash-dependent economy ready for a cashless digital economy? This question was put to the test during recent demonetisation when 86% of cash currency in the country was withdrawn overnight on 8th November, 2016. Since then, consumers from various income strata, as well as large and small local vendors, quickly adapted to new and alternative payment methods - digital wallets, banking apps.Although a disruptive move, demonetisation has seeded the growth of digital finance in India. Following demonetisation, consumers, the Indian government and private players came together and acted synergistically on a number of digital payment initiatives. While some of this coordination and swift action was a temporary reaction to demonetisation, other long-term factors demonstrate that India is ready for a digital revolution and permanent shifts to digital may be on the horizon.

Digital Payments in India - Not a Distant Dream

India

Dion Global Solutions Ltd. provides information technology product and solutions for the BFSI segment.  The Company specializes in operational risk management software and consulting services.

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Dion Global Solutions (DION IN)

Digital Payments in India - Not a Distant Dream

India: a country where 97% of transactions in volume terms still happen with cash. Is such a cash-dependent economy ready for a cashless digital...

Euromonitor International Ltd.

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