Withdrawal of Rs 2,000 notes a non-event as India’s digital payments ecosystem robust: SBI Research

NEW DELHI: The withdrawal of Rs 2,000 banknotes is likely to be a non-event as India has adopted digital payments on a mass scale, said SBI Research in its latest Ecowrap.

In digital payments, India has been witnessing new milestones, in both value and volume terms, which indicate the robustness of our payment ecosystem and acceptance.

“Our research suggests that Rural and Semi-Urban areas are now accounting for 60 per cent of share in UPI value/volume, dismantling the popular perception that metro/urban areas are hotbeds of digital payment adoption and innovations,” the Ecowrap report authored by Soumya Kanti Ghosh, Group Chief Economic Adviser, said.