Q1. What lies between 100% of Indians and digital cash?
Ans. Physical cash.
So, in November 2016, the Indian government “demonetised” 86% of physical currency in circulation. Overnight, fintech fortunes shot through the roof. Adoption of e-wallets and digital transactions skyrocketed.
Cut to October 2018 and Indians are back to cash. Rs 18,40,000 crore ($250 billion) worth of currency was in circulation by April 2018, up 2.3% from before demonetisation. Far from giving up physical cash, they’re even more in love with it.