Leading electronic payment processor Worldline has said, “The last weekend of 2016 saw a sharp rise in transactions compared to 2015, especially for debit cards. People are using debit cards more frequently post demonetisation. Spends have risen as consumers are increasingly opting for non-cash payment instruments and the number of places that accept digital payments has also risen.”
It is not a year to year comparison but a last weekend of the year comparison to be precise. Compared to the transactions in the last week of 2015, the transactions over the last weekend of 2016 have risen dramatically for debit cards (by 187%) in 2016, and transaction value also jumped by 91%, the company said.
The average transaction size has dropped for both debit and credit card transactions, by about 30%, and 2016-end, people spent the most on fuel, followed by luxury items. This could be because of the fuel hike announced over the weekend. Hotels slid a bit lower this year as consumers are being cautious on expenditure.
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