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Irreversible Formalisation? ATM Vs UPI Value Graph In Economic Survey Suggest QR Codes Have Comprehensively Beaten Cash Machines
Swarajya Staff
Jan 31, 2022, 05:24 PM | Updated 05:23 PM IST
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India will need fewer ATMs going forward, as UPI usage seems to have caught up firmly in the country.
This is what was apparent in the last graph of chapter 1 of the Economic Survey 2022.
According to experts, this graph suggests the following:
-One, ATM usage could not completely recover from the shock of the First Wave in April 2020.
-Two, it is around the same weeks that total value of UPI transaction exceeded the total value of ATM transactions and the gap has gone on increasing ever since.
-Three, the current gap between the two and their trends suggest formalisation of economy at a scale that cannot now be reversed.
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