Demonetization, the term which is majorly connected with the cashless nation now had shown its effects at many areas and on many sectors of economy. Talking about the cashless word, the sudden increase in e-transaction after demonetization is an effective affect. The usage of RuPay card now increased upto 118% in one week on the notification of Demonetization. From the midnight of 8th November 2016 the old currency notes of Rs1000 and Rs500 gets banned by the Prime Minister of India, Narendra Modi.
The step is called to be the greatest decision of Independent India. This is about to trap the black money holder and encounter the going on cash transactions dealing in India. Now India will look ahead to cashless economy with the step of currency change. According to the updates before demonetization usage of e-transaction in Indian economy is only about 7%. The government had sign towards the cashless nation and hence motivated the people to accept the same.
The overall increase in the usage of debit and credit card is upto 70.5% after demonetization. Now those who have RuPay card are using it more and it shows an amazing increase. RBI notifies that POS terminals soared upto 200.6% and to 46.6lakh e-transaction in the first week of demonetization. The tends can be seen at every sector of economy. Now the people who are dealing in cash based business, tends towards the cashless transactions.
This kinds of changes are telling a new face of economy for which the demonetization terms to. Besides this the regulations had lead to many negative effects on the economy. The economy had also faced a sudden drop down which was calling to get the situation of deflation. The RuPay Â card was developed by the Indian companies and now called the great step. Stay tuned with us for more updates and news feeds like this.