Walnut, a personal finance app, has created a Cashless India Scorecard comparing how each state is moving towards a cashless economy post-demonetisation, based on an aggregate analysis of its 5 million+ user’s data.
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The scorecard ranks states based on:
1) percentage increase in overall cashless transactions
2) growth in shoppers using debit or credit card for the first time
3) growth in merchants accepting digital payments.
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Gujarat,
The app also tracked category-wise spends for the top 5 states and fuel expenditure emerged as the leading category for cashless transactions post-demonetisation. Among these states, Walnut users who had previously used their debit cards only for withdrawing cash performed their first cashless transaction to pay bills.
This suggests that enabling public and private utility services such as telecom, electricity, gas, water etc. to start accepting digital payments is most likely to turn users cashless for the first time.
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J&K and the north eastern states featured in the end which could be due to the unrest in the states. It also suggests that they might be the worst affected due to demonetization with less technological advancement.
The complete ranking was as follows:
1) Gujarat
2) Telangana
3) Haryana
4)
5) Delhi
6)
7)
8)
9)
10) Maharashtra
11)
12)
13)
14) Jharkand
15)
16)
17)
18) Goa
19)