Demonetisation effect: Mobile payments double in 1 year; 4G to aid faster growth than China
A year after demonetisation, cashless transactions have gone up substantially, mostly because of mobile wallets. According to a research by Counterpoint Technology Market Research, payments using mobile wallets have ?doubled in the one-year post demonetisation, clocking $1 billion per month in 2017?, and is likely to grow faster than China due to the rapid smartphone penetration post the launch of low-cost 4G services. The transactions using mobile wallet is likely to surpass 3.1 billion transactions worth more than US$13.0 billion in 2017, which was just 1.6 billion within the Indian digital financial system in 2016.
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