Demonetisation of high value currency was a major move by the Government of India towards transforming India into a digital and cashless economy. CII and Deloitte has jointly published the report on "Demonetisation and Merchants: The Promise, The Potential and The Practicality", which assesses the impact of demonetisation on merchant behaviour. It also provides insights on how their outlook and adoption of digital payments is likely to evolve over the near future.
The key highlights of this study include:
- Acceptance of digital payments by merchants varies by the merchant’s annual turnover, location and nature of business
- Customer centricity and convenience are primary reasons for adoption of digital payments by the merchants
- Digitally mature merchants have a higher card and m-wallet acceptance
- Finance costs are less likely to be primary impediments to the adoption of card payments and m-wallets
- Going forward there will be a positive momentum towards adoption of digital payment
This publication was released at the Conference on Digital & Cashless Economy held on 16 Feb 2017 in New Delhi.