World Payments Report says “Not just India, but PM Modi’s Demonetization helped the entire world”

In what is called as a great news to the “Digital India initiative” of PM Narendra Modi, the “World Payments Report (WPR) 2018” released by Capgemini and BNP Paribas, said that the Global non-cash transactions grew at 10.1 per cent in 2016 with Asia being the chief driver of this growth. It also said that the mobile payments in India grew by 33.2 per cent, overtaking China.

The report praised the Demonetization move of the Modi government and said that due to India’s “Note Ban” the global growth in non-cash transactions saw a huge serge. This has once again proved that demonetization was not a waste reform but a game changing one.

Here is the detailed statement by the World Payement Report (WPR) 2018:

  • The 10.1 % growth rate was above the 9.1 % rate predicted in World Payment Report (WPR) 2017. The prediction anticipated that the growth rate in China would stabilize in 2016 and come down.
  • However we could not anticipate the Indian Government’s demonetization program, announced in November 2016, which resulted in higher-than-expected growth in non-cash transactions of 33.2%, with debit debit cards contributing the highest growth of 76.2%.
Yes, the report indeed said India helped the entire world. It also predicted that India will overtake Australia in 2018 and Canada in 2019 in terms of growth rates of non-cash transactions. In short, the Indians are supporting PM Modi’s Digital India initiative, enthusiastically.
Here how the report praised India’s financial inclusion drive!
Additionally, the government’s financial inclusion measures have led to higher adoption of debit and prepaid cards. Credit card volumes grew by 38.1%, compared with 27.8% in 2015. The number of payments made with 27.8 % in 2015. The number of payments made via mobile wallets in India increased by 75.5 % in 2016, highlightening the growing importance of new instruments and entrants in the market.
The report also praised the Bharat QR code and Aadhar Pay saying “Other aspects to note include a push for digital payments through demonetization efforts including the Bharat QR code and Aadhar Pay, and growing demand for e-wallets’.

Speaking on the growth of global non-cash transaction volumes, the report said “Notable growth rates were recorded in Russia (36.5%), India (33.2%), China (25.8%), and South Africa (15.1%)”.

The use of checks continues to decline, say the report:
“China, South Korea and Australia recorded a drop of more than 20.0 % in check usage. However, India witnessed a rise of 10.1 %, as people shifted back to using checks in the wake of the government’s demonetization efforts” it noted.
By this we can say that India’s economy is surging ahead even though the world economy seemed weak. All thanks to the Modi government.
You can read the World Payment Report by clicking on the below link:

Hansika Raj