The number of daily transactions through e-wallet services such as Oxigen, Paytm and MobiKwik has shot up from 17 lakh -recorded on November 8 when demonetisation was announced -to 63 lakh as on December 7 (a growth of 271%). In terms of value, the surge has been 267%, from Rs.52 crore daily to Rs.191 crore now.
Transactions through RuPay Cards (e-commerce and point-of-sale) were up 316% at 16 lakh daily (3.85 lakh on November 8), while in terms of value the growth has been 503% at Rs.236 crore (Rs.39 crore). The government, however, did not provide a break-up of transactions conducted in urban and rural semi-urban areas.
The government and digital payment companies expect the trend to stay strong, at least till easy availability of cash.The trend got a boost after finance minister Arun Jaitley's announcement of a slew of incentives for digital payments. The government has doled out a number of sops for consumers when they make payments digitally . These include discounts on purchase of fuel and payments for insurance and at toll plazas. Service tax has been waived on digital transactions for purchases up to Rs.2,000, while charges on transactions through feature phones have also been cut.
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