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  Deepak Sethi

  Nov 20, 2020, 5:05:24 PM | Share

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  Demonetization in India is a great effort taken by Indian government to control black money and corruption. Due to the demonetization of online transactions have been increased significantly which are more visible in RTGS and mobile transactions. Nowadays we can see a small shopkeeper uses the QR code to accept the UPI payment. This is a safe and secure way of payment where we can track our expenses.

  More Indians from smaller towns and cities are paying digitally for goods and services, raising expectations of sustained growth for non-cash payments, even as Reserve Bank data indicates the sharp spike in digital transactions following the 2016 note ban has evened out this year.

  Payments company executives estimate that card transactions in towns with populations of up to 1 million have doubled in the two years since demonetization. What demonetization has done for digital payments is more than what any other initiative could achieve before.  :)

  
  

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