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Electronic Payments are Now Declining: HDFC
November 02, 2017
As the cash-crunch effects have begun to ebb away, the transaction volumes for the electronic payments via mobile wallets, credit cards, etc. have started to come down, an HDFC Bank report says.
According to the private sector bank, the net volume of electronic payments peaked to 1.30 billion in December last year, which was shortly after the government’s demonetization drive. However, from this point onwards the volume has assumed a declining growth.
According to the lender, the big jump in the online payments could have been just a short-term blip resulting from the liquidity crunch at the time.
