On November 8, 2016, India came to a standstill as Prime Minister Modi announced one of the most groundbreaking changes in the Indian Economy. He announced his plans on demonetizing Rs. 500 and Rs. 1000 notes with several motives in mind. And thus, India's struggle with demonetization began. It is said to be one of the most criticized moves by PM Modi, one that we can still feel the effect of. Even though the nation's economy almost broke, people today think it had a positive impact on the economy slowly but gradually.
According to a study conducted by Velocity MR, more than 50% of the respondents across the cities in India feel that demonetization had a positive impact on our economy and about 74% feel that it has led to a cashless society. It took a great turn for an emerging industry Fintech as the majority of the population make a swift shift towards digital payment methods which resulted in a tremendous rise in Fintech Apps' user base.
Some of the key findings we cover in this report:
- Effect and impact of demonetization in India
- Usage and frequency usage of financial apps
- Preferences and features of financial apps
- Awareness, usage, and challenges of payment apps
- Awareness and usage of mutual fund Investment Apps
Download the report to understand the perception of Indians after 3 years of Demonetization.
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