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Demonetisation had a huge impact on ATM transactions, but these are now back to October 2016 levels.
Demonetisation positively impacted financial inclusion, which will result in increased ATM transactions going forward, says Nagaraj V Mylandla, Managing Director, Financial Software and Systems, a Chennai-based provider of payments technology and transaction processing.
While digital transactions over the last one year have increased substantially, growth in the ATM sector faced a temporary slowdown.
However, the number of ATM transactions has grown significantly over the last few months, and “we are expecting deployment of ATMs to non-metro cities and towns that will spur the growth in this sector,” said Ravi B Goyal, Chairman and Managing Director, AGS Transact Technologies Ltd, a Mumbai-based provider of end-to-end payment solutions.
Demonetisation and launch of various digital payment initiatives /solutions such as UPI and BHIM catapulted India into the digital payment orbit faster than most other economies.
Demonetisation led to a greater awareness among people about alternative payment modes such as internet banking, credit and debit cards, mobile wallets, point-of-sales, mobile PoS and QR code. It also led to wide acceptance of digital payments, said Goyal.
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