Chennai: Today, being the third anniversary of demonetisation, 74 per cent people believe that the move has led to cashless society, according to a report. On 8 November, 2016, Prime Minister Narendra Modi announced to the nation that Rs 500 and Rs 1,000 currency notes would cease to be a legal tender.
Velocity MR, a market research analysis company announced the results of their pan India study to understand the impact of demonetisation in the past three years.
“The national study was conducted among a sample size of 2,100 respondents and covered prominent Indian cities including Delhi, Kolkata, Mumbai, Bangalore, Hyderabad Chennai, and Pune,” a release said.
The study highlights that more than 50 per cent of the respondents across cities felt that demonetisation has had a positive impact on our economy.
‘During this note-ban period, the majority of the population took a shift to the adoption of digital payment methods through E-commerce platforms/E- wallets/Mobile wallets for their shopping and monetary transactions,’ the study stated.
The study observed that PayTM, GPay and PhonePe were leading the list in terms of high recall value in the digital transaction apps.
Velocity MR, managing director Jasal Shah said, “From being primarily a cash-obsessed economy, India’s digital transformation story is new but exciting. The evolution of the industry has been triggered by increasing internet and smartphone penetration. Pushed by increasing smartphone penetration, the launch of 4G networks and increasing consumer wealth, the Indian e-commerce market is expected to grow to $200 billion by 2026 from $38.5 billion as of 2017.”
He further adds, “As digital consumer behaviours change, so should the technologies and services. To lure the consumers, the digital wallets rolled out lucrative offers and cashback to get customers on board using the payment channel. Thanks to the ease of use, attractive offers, and increased smartphone penetration.”
Highlights of the study
* 81% people use E-commerce platforms and digital payment apps
* 71% have stated demonetisation has played an important role in curbing terrorism.
* About 67% the respondents feel that demonetisation did not affect people who had black money in the form of real estate, shares, gold, silver and foreign currency.
* At an overall level, more than half of the people (55 per cent) feel that
demonetisation has had a positive impact on our economy: