MUMBAI: Around 70 percent of the people who earlier used debit cards only for ATM cash withdrawals have started using them for cashless purchase transactions at least thrice a week, indicates data from a personal finance app.
Data released by Walnut, shows Delhi leading in the segment, recording 500 percent spurt in cashless transactions compared to the pre-demonetisation period.
There has been a huge jump in cashless transactions across the country. The data also showed a two-fold increase in transaction frequency from users who have turned cashless first time.
Among Walnut users, 72 percent of those who were used to making only cash withdrawals from ATMs using their debit cards, have now started making cashless purchases at points-of-sales or for online purchases.
The average cashless frequency of these first-timers has gone up from 1.5 times per week in mid-November to thrice a week by the second week of December, said Walnut co-founder Amit Bhor.
“This shows a growing confidence among users towards cashless payments and even on Walnut, bank-to-bank money transfer service has seen a ten time growth in number of transactions,” he said.
While Delhi topped the list in cashless transactions, Chennai recorded lowest at a growth rate of 250 percent among the metro cities.