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8th November, 2016 was a different day to be marked in the history of India. Mr. Narendra Modi, Prime Minister of India made an announcement via a press conference regarding the ban on Rs. 500 & Rs. 1000 notes. The Indian economy was out to make a difference. The Indian community had an adreline rush of mixed emotions. There was and still enduring confusion and chaos all around the country. The hype in media has still not bunged. Not to forget the social media platforms like Twitter is booming with #DeMonetisation. Instagram and Facebook are up with comical quotes and images and LinkedIn are having some serious articles on the effect of demonitisation on the economy. The online business has an effect of this phase.
Online business sums upto 35% of the overall retail chain and is quite popular amongst the young generation. You get anything and everything over the internet and as that is feasible for all and been used most of the times. Here are some of the impacts that demonitisation has made on the online business:
- Apps like Paytm, Mobikwik have come into the scenario
These apps are being used for paying the various bills on different websites. These apps had an target to be achieved and due to demonitisation it gained success within a fortnight. Downloads and registrations have made a boom in the market. There are many more apps also that also have been launched in this period.
- The chaiwala’s and sabjiwala’s have gone online
Going to a tapri and having tea was once a leisure time for all. But now we all are crying out for some lose change. ‘Expect the unexpected’, the chaiwala or the sabjiwala that we visit on daily basis have gone online for making payments. You can find a board notifying that Paytm can be used for paying. They too have started marking a difference in the economy.
- Increased debit and credit card transactions
As we are in the transit phase people prefer using the plastic money. The banks are running all their banking service in a doubly mode. The online gateways are preferred for shopping online. Transacting with this plastic money has become much easier.
- The ultimate aim of the e-commerce websites
The ultimate goal of any e-commerce website was to probe the online transactions. Cash on delivery was just an additional facility provided on the go. The e-commerce websites have gained success overnight by making transactions online. Local groceries are where all have been stuck up so the better idea is to order online and pay it.
- Knowing the importance of plastic money
The old generation people do not believe in credit or debit cards they still go to the bank to withdraw their money. But this phase has made everyone go to the bank and stand in the long queues for money. Payments made with cards are an easier option for all in this phase. Those cards in the wallet have now gained some value.
Well this phase is a difficult one for all but it will have its own advantages at the end of the day. Wiping out the black money would be in good faith of the economy. Just hold on and welcome to the new phase.
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