New Delhi: With digital transactions growing exponentially, people now prefer the ease of payment through clicking buttons, a report by the Bank State of India (SBI) shows.
Consumers now choose a better technology platform such as the United Payment (UPI) interface that does not require post-machine intervention.
Digital transactions witnessed a big leap in 2021 with consumers selecting an easy payment option during the week shopping diwali.
Even as a purchase record of 1.25 lakh crore occurring during Diwali data, the latest currency in circulation (CIC) shows that it remained constant in the previous year.
The growth of a steady currency economist in SBI estimates that Covid’s pandemic might have encouraged people to hold as much as Rs 3.3 lakh Crore in cash for the purpose of prevention at FY21.
“If we adjust to such currency transactions, the currency ratio to GDP for pure payment purposes might really decline in FY21 compared to previous years,” he recorded.
However, the growth of currencies is almost steadily controlled with a significant increase in digital payments.
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