In a statement released by personal finance app Walnut, 72% people started using debit cards for making payments – as opposed to before when they were used only to withdraw cash from ATMs.
Walnut had witnessed a big jump in cashless transactions across the country while transaction frequency had doubled as users turned to cashless tools for the first time. In the second week of December, the average cashless purchase frequency had risen from 1.5 times per week to 3 times per week.
Among the top 8 metro cities, Delhi had shown the maximum increase with a 500% jump in cashless transactions post demonetisation, while Chennai has shown the lowest growth at 250% jump.
According to Amit Bhor, co-founder Walnut, it is a good sign that so many first-timers are being introduced to cashless and the week-on-week growth of average cashless transactions is a bonus and is indicative of users’ confidence towards cashless payments. He further added, “Even on Walnut, the bank-to-bank money transfer service has seen a 10x growth in number of transactions”.