International Journal For Multidisciplinary Research

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A Study of Adoption of Cashless Payments by Retailers and its Impact on Customers in Akola City

Author(s) Dr Varsha S. Sukhadeve, Muteeb Sharique
Country India
Abstract The demonetization of 500 and 1000 rupees’ currency notes by the Government of India in November 2016 was argued to be a drive towards cashless Economy, for curbing corruption. This sudden removal of currency and the time taken to introduce new currency created temporary cash crunch and prompted the consumers and sellers to look for alternative modes of payment. The small (unorganized) retailers were particularly affected by this phenomenon. This gave rise to evolution of cashless options such as POS (point of sale) machines for card payments and several mobile applications. The wide spread availability of mobile phones in the country and cheap data packages further increased the popularity of cashless transactions among customers and small retailers
The current study aimed at capturing the current status of adoption of cashes payments in Akola city. It was observed that around 77.78% small retailers allow cashless payments in their shops. Also, cashless payments are estimated to contribute around 45% of the turnover of those retailers who accept them. Mobile applications are currently contributing to average of 63 total cashless payments at retail shops in Akola city.
Keywords Demonetization, cashless payments, small retailers, Akola CityDemonetization, cashless payments, small retailers, Akola City
Field Mathematics > Economy / Commerce
Published In Volume 6, Issue 1, January-February 2024
Published On 2024-02-24
Cite This A Study of Adoption of Cashless Payments by Retailers and its Impact on Customers in Akola City - Dr Varsha S. Sukhadeve, Muteeb Sharique - IJFMR Volume 6, Issue 1, January-February 2024. DOI 10.36948/ijfmr.2024.v06i01.13872
DOI https://doi.org/10.36948/ijfmr.2024.v06i01.13872
Short DOI https://doi.org/gtjtt7
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