Tiny, cheap smart speakers unlocked the rise of digital payments in India

Re:Tiny, cheap smart speakers unlocked the rise of digital p... by yashg on Tuesday April 04, 2023 @01:00PM (#35442671)

Demonetization induced usage reduced once cash was back in circulation. It was COVID era fear of touching cash and compulsion of lockdowns that really made digital payments hit the stratosphere.

[ Parent | on HN ]

Re:Tiny, cheap smart speakers unlocked the rise of digital p... by asdted on Tuesday April 04, 2023 @01:14PM (#35442871)

Pre COVID transcations per month stood at 1.5b and now at 8.5B.

COVID might have convinced few people that's all.

Demonetization's effect is not clear since UPI came out just a year before Demonetization took place.

It took off because of young generation and costs nothing as simple as that. They forced businesses and other to embrace it.

Fun fact, i have been using UPI ever since it came out and used to pay for coconut/veggies with it even back in 2017

[ Parent | on HN ]

Re:Tiny, cheap smart speakers unlocked the rise of digital p... by Zanni on Tuesday April 04, 2023 @08:31PM (#35447693)

Curious about your math that equates 7 billion transactions per month to a "few people." That's a relative increase of more than 400%. I think you could argue that we were already on that trajectory, but it sure looks (to me) like Covid accelerated things, which matches my anecdotal experience.

[ Parent | on HN ]