72% of Indians who earlier used their debit cards only for ATM cash withdrawals, now making debit card purchases 3 times a week
-Delhi showed highest growth in overall cashless transactions
-Chennai’s cashless transactions growth impacted
We have witnessed a big jump in cashless transactions across the country, and a doubling of transaction frequency from users who have turned cashless for first time, based on anonymised, aggregate user data.
Among Walnut users, 72% of those who had previously used their debit card only to withdraw cash from ATMs, and had never done a POS swipe or an online purchase, have now started making cashless purchases via debit cards. In a positive trend, their average cashless purchase frequency has gone up from 1.5 times per week in the initial period of demonetisation to 3 times per week in the second week of December 2016.
We also did an analysis of cashless payments in top 7 Indian metros, and found that Delhi users have shown the maximum increase with 500% jump in cashless transactions compared to pre-demonetisation, while Chennai has shown the lowest growth at 250% jump. Due to cyclone Vardah, the growth in cashless transactions seem to have stalled in the recent days in Chennai.
Go cashless, download Walnut and send money directly from debit card to bank account, FREE!