Fresh data on consumer behaviour shows that the transition to cashless will be a Herculean task in a country such as India
New Delhi: As most of the high-value currency notes scrapped on 8 November make their way back to the system, belying earlier expectations, the official narrative around the move seems to have shifted from this being a “surgical strike" against black money to being a great leap towards a cashless economy. But fresh data on consumer behaviour from a large-scale nationally representative survey conducted this year shows that the transition to cashless will be a Herculean task in a country such as India, where most consumers love cash, and very few have access to the Internet.
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