India is going ballistic with online payments after the Prime Minister Narendra Modi’s surprise demonetisation move on November 8, with online liquor purchase surging by almost 200%.
From cash driven economy to going cashless, the overall online transactions have increased by more than 65%. According to a study by Indian M-wallet market , mobile payment transaction value in India is likely to register over 150 per cent CAGR and cross Rs 2,000 trillion by FY 2021-22 from just over Rs 8 trillion as of FY 2015-16.
Category wise details of where India is spending the most post demonetisation
According to payment solution company Innoviti Payment Solutions that did intensive study on category wise transactions, liquor segment witnessed the maximum surge by 190 per cent, followed by entertainment 183 per cent, and restaurant 160 per cent. While payments done in liquor, entertainment and restaurant categories surged, on contrary it has been showing less gratification in categories like apparel (+19 per cent), jewellery (+17 per cent) , education (-50 per cent).
According to Innoviti Payment solution, the lull in the category may be possibly due to some reduction/postponement of consumer spends happening in these categories.
Lower ticket value increased the most
Since demonetisation, the mobile and card swapped in lower denomination have swelled the most. According to the study, biggest jump in transactions have been coming in lower ticket size brackets
|Price Range (Rs)||% Change|
Delhi tops the list
The data also showed that card transactions are most pronounced in Delhi (+110 per cent) versus national average of +65%. In comparison, other major cities are closer to national average, Bangalore ( +79 per cent), Mumbai (+48 per cent), Chennai (+38 per cent) and Hyderabad (+53 per cent).