Walnut, Indian 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 and anonymized analysis of its 5 million+ user’s data. The scorecard ranks states based on percentage increase in overall cashless transactions, growth in shoppers using debit or credit card for the first time and growth in merchants accepting digital payments.
Based on these parameters, Gujarat, Telangana and Haryana emerged as the top 3 states with the highest growth in going cashless in the country. 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.
Commenting on the scorecard, Amit Bhor, Co-founder & CEO of Walnut said, “The increase in cashless transactions is a healthy trend that’s visible across almost all states. The scorecard is our effort to support the vision of digital India. We aim to bring a data-driven transparency to policy decisions and help the relevant stakeholders understand the gaps in the ecosystem through this endeavour.”
Walnut aims to contribute towards making money simple for all Indians and building a better digital payments ecosystem in India. Its recent “Find an #ATMwithCash near you” feature witnessed a phenomenal response and the app received over 120 Million requests for ATM information. Walnut tracked over 100,000 ATMs across the country in real-time.