Data: After Remonetization, digital payments grew only by 1.43X

Cash is back and cash is king.

While Niti Ayog claimed that there was an increase of 23% in digital payments post demonetization, RBI’s latest data tells a different story.

From October 2016 to March 2017, the overall increase in digital payments is only by 1.43X. The 23X increase came only for UPI which had negligible share earlier.

In fact, if you notice the numbers have been going down since Jan and Feb, and went up in March (probably due to year-end tax payments/investments).

Some habits are hard to beat?