The Rise in use of Credit/Debit cards in India after Demonetization
After demonetization, there is a significant rise in the use of plastic money in India. The concept of paying by cash has become almost standstill and a majority finds it more convenient to carry a single card to make any payment rather than carrying notes.
Plastic money includes credit cards, debit cards, prepaid balance cards and smart cards that can be used for any kind of payment. In retail stores, the sale for various products declined. Patanjali spokesperson Mr. S.K. Tijariwala said the brand saw a drop of 1020% in sales in the first week after demonetization.
It’s also showed considerable impact on online shopping in India. The usage of COD decreased considerably. People started favoring online payments using credit/debit cards and wallets. Check out the infographic coined by CouponRani which throws light on the rise in use of credit card and debit card usage post-demonetization.