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Payments News » Cashless India? Digital Payment Drive Not a Hit With traders

“Banks may be dutifully executing the government’s cashless agenda but there’s little buy-in from merchants. Fewer than half the vendors acquired by banks have gone cashless. A good 53 banks have been chasing targets but barely a dozen can claim a 50% success ratio when it comes to their merchants accepting payments digitally. And this in urban India. Reluctant to leave a trail for the taxman, merchants, especially smaller shops, are not easily persuaded to transact digitally. Also, given that a large number of consumers are still more comfortable paying by cash, merchants, most of them offline brick-and-mortar stores, have little motive to use digital options regularly to accept consumer payments.”

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