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Number of Swipe Machines Increased by 40% Since Demonetization
April 12, 2017
Since November 8, the total number of shops accepting card payments has increased from 15 lakhs to 25 lakhs, as now there are about 10 lakhs more point of sale(PoS) terminals in the country.
According to SBI, given the popularity of digital currency and card payments today, the requirement of currency notes will be lowered by over Rs. 1 lakh crore in the economy.
Soumya Kanti Ghosh, who is the chief economist of SBI, says that about Rs. 1.17 lakh crore notes needn’t be printed, and thus the cost of notes printing will also reduce drastically.
