Most retailers willing to accept cashless payments post note ban: Survey

A survey has found that rural consumers are equally excited about cashless payments.

A year after demonetisation, 63 per cent of retailers are ready to accept cashless payments while a high number of consumers are inclined to adopt digital payments. A survey by the Centre for Digital Financial Inclusion (CDFI) and Indian Institute of Management Bangalore (IIMB) has also found that rural consumers are equally excited about cashless payments.

Almost 38 per cent of the retailers surveyed are willing to pay more than 1 per cent digital transaction costs.

The study, which compared trends before and after demonetisation, found that about 76 per cent of the consumers still “always” prefer to use cash, but this number seems to be reducing.

In locations with moderate consumptions levels, around 10% fewer consumers reported “always” using cash, the survey said.

“We started our research two years back looking at how kirana stores go cashless - what are the drivers, what are the barriers and the cashless ecosystem around kirana stores. Our study was to find how poor can be central to the technology-driven transaction,” CDFI executive director Krishnan Dharmarajan was quoted as saying.

Source: ET


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