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%.
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%)”.
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