Cash withdrawals at ATMs rise 235% since demonetisation
Cash withdrawal using debit cards at ATMs stood at ₹2.86 lakh crore in March 2023.
Cash withdrawal using debit cards at ATMs stood at ₹2.86 lakh crore in March 2023.
Around 44% of respondents in a nationwide survey say property purchases since demonetisation 6 years ago continue to have a cash component.
With the increased acceptance of digital payments in the country, the over reliance on cash is slowly fading away.
In terms of alternative payment solutions, Google Pay has overtaken Amazon Pay to become the most preferred online payment solution in India, while Paytm ranked third
Cash has grown in prominence despite a very swift rise in digital payments in India over the last few years.
Cash touches 14.5% of GDP, up from 10.7% pre-DeMo. Use of mobile payments is rising, but only within the Tier-I cities.