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- Title
Does Demonetisation push for alternative payment channel lead to digital economy? Evidence from India.
- Authors
Mohanty, Shiba Prasad; Mariappan, V.
- Abstract
Banking industry is considered to be the most vulnerable sector in the demonetisation process as it controls the entire payment system in India. The paper is aimed to study the impact of demonetisation upon the alternative payment channels by considering a time period from 2012 to 2018. Multiple linear regression was performed and revealed that most of the alternative payment channels were retained their presence in the short run. The result of the cross-correlation exhibits that Mobile banking, Point of Sale and Prepaid Payment Instruments are showing a negative correlation such as -0.07-0.57 and -0.40 respectively. Finally, our results claimed the current digital move can’t easily dethrone the cash from the economy; it will take some more years to move largely to digital payment modes.
- Subjects
INDIA; PAYMENT systems; MOBILE banking industry; PAYMENT; BANKING industry; REGRESSION analysis
- Publication
Wealth: International Journal of Money, Banking & Finance, 2019, Vol 8, Issue 1, p59
- ISSN
2277-9388
- Publication type
Article