MUMBAI: During the Diwali week, the circulation of cash has seen the worst decline in the last 20 years, SBI’s economic report said.
The report said that the country has seen a decline in cash circulation in the wake of the rise in digital transactions.
It is further reported that:
Due to technological innovations, there have been significant changes in money transfer in India.
Over the past few years, the cash economy has been transforming into a ‘digital’ economy.
The government is giving a lot of impetus to the digital economy transformation. UPI, wallets, BPI, etc. have made money transactions very easy.
Such services are benefiting even those who do not have a bank account.
Next, transactions through ‘QR, Stripe’, NFC are also increasing.
Transactions through NEFT have increased to 55 percent of total digital transactions.
UPI, transaction at 16 percent; IMPS, the transaction is also 12 percent. The share of ‘e-wallet’ transactions is 1 percent.
This is stated in the report.
Subscribe Dinamalar channel for new news