Universal acceptance makes cash the preferred choice. But most consumers use other modes as well
Payments related technological innovations are changing the way the Indian consumer pays for her spends. However, cash remains king. According to a Reserve Bank of India’s (RBI) report released in March, Concept Paper on Card Acceptance Infrastructure, usage of debit cards at ATMs still account for 88% of the total volume and around 94% of the total value of debit card transactions. Compared to this, transactions at point of sale (PoS) terminals account for only 12% of volume and 6% of value of transactions.