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Gujarat, Telangana lead in digital deals
With Telangana government promoting the digital transactions, the country’s 29th state has made it to the second rank among other states in terms of cash-less transactions after the demonetisation introduced by Prime Minister Narendra Modi on November 8, 2016.
Hyderabad: With Telangana government promoting the digital transactions, the country’s 29th state has made it to the second rank among other states in terms of cash-less transactions after the demonetisation introduced by Prime Minister Narendra Modi on November 8, 2016.
Gujarat and Haryana emerged as the top one and three states respectively as they recorded highest growth in cashless deals in the country. N Chandrababu Naidu-led Andhra Pradesh has come at eighth position. Naidu is the convener of the 13-member central committee on demonetisation issues.
The study and ranking of states in terms of cash-less transactions has been done by Pune-based Walnut, India’s leading personal finance app. It has created a scorecard comparing how each state is moving towards a cashless economy post- demonetisation, based on an aggregate and anonymized analysis of its data comprising over 5 million users.
Amit Bhor, Co-founder and CEO of Walnut said: “Telangana has showed an impressive growth in going cashless post-demonetisation. While the local government promoted the cashless push through a mix of communication, infrastructure support, and partnering with banks, an adoption at this level is only possible by a ground-up consumer willingness to learn something new. We hope that more communities in India would adopt digital transactions, like Telangana has done.”
The scorecard ranks states based on percentage increase in overall cashless transactions, growth in shoppers using debit or credit card for the first time and growth in merchants accepting digital payments. “Find an ATMwithCash near you” feature witnessed a phenomenal response and the app received over 120 million requests for ATM information.
Walnut tracked over 100,000 ATMs across the country in real-time,” he said. Based on these parameters, the app also tracked category-wise spends for the top five states and fuel expenditure emerged as the leading category for cashless transactions post-demonetisation, followed by F&B and shopping in Telangana.
