"Demonetisation in India was declared on November 8th, 2016. All the existing Rs500 and Rs1,000 notes were banned by the government of India, which caused an acute shortage of cash flow in the economy. With the help of this deck, we will highlight what was the impact of demonetisation on payments after a year of it being implemented, and how digital payments and connected consumerism led the change regarding the payments landscape in India".
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Demonetisation was declared in India in November 2016, which expedited the process of making payment wallets more common. However, four months after demonetisation, when cash returned back to the economy, the use of payment wallets continued to remain a popular mode of payments, especially for small ticket purchases.
One of the most distinctive changes in the retail and payment landscape in India in the last five years has been the growth of online channels. The change occurred slowly and steadily from 2012, with the help of growth of smartphones and internet availability across the country. Availability of internet became even more common when Reliance launched free 4G SIM cards, which made high-speed internet availability even more common across the country.
Cash continued to be the primary form of payments in India, even in 2017. However, the concept of cashless transactions became much more common and acceptable as a payment methodology. However, this phenomenon was primarily limited to metropolitan cities only, but the use of digital wallets became much more common across all socio-economic classes. This was vastly different from card payments, which were still primarily driven by the mid to affluent sections of the consumer base.