Cash still preferred transaction mode: payment processor Worldline report

Cash still rules in India despite the government’s push to increase awareness about digital payments along with the sustained effort by banks to enrol merchants to join the digital payments platform.

A report titled India Digital Report by electronic payment processor Worldline India, analysed the transactions processed by Worldline in July-September 2019, and public databases to derive some unique insights.

Some of the key hindrances to the growth of digital payments are the higher cost of acceptance infrastructure, lack of financial literacy amongst smaller merchants, high propensity of households to save in cash and the unorganised cash intensive SMEs, said the report.