After demonetisation, the spike in digital payments was caused by artificial constraints, and does not seem to have had a lasting impact on Indian citizens. Soon after demonetisation was announced in November last year, it was projected as part of a broader push towards a cashless economy. Several ministers and government officials claimed that this would nudge Indians to rely on non-cash or digital transactions. In the weeks and months following demonetisation, digital payments (including mobile wallets and mobile banking, credit/debit card transactions, and UPI) saw a sharp spike even…
Read MoreA year after demonetisation was announced, digital transactions drop
