The last couple of days have been chaotic with the government announcing currency demonetisation. It makes you rethink your plans, strategise on selecting a bank that didn’t have too much rush and avoid each and every place that doesn’t accept cash. While we don’t say everyone has suffered, there are a fair share of people who’ve ha a tumultuous time getting hold on cash. Amidst all of this, startups, especially mobile wallets have been making hay as the sun shines, and why not. Needless to say, Paytm, Freecharge, Mobikwik have already revealed how the numbers have been increasing. This is one sector that has players laughing their way to the banks.
Now, a new RedSeer Consulting report (via Yourstory) reveals that not all sectors will be affected similarly by the new move. It’s the BigBasket rounds near my vicinity that seem to have increased. And, is not hard to believe that people are trying to save cash for emergencies and dire needs, by opting for online transaction for daily groceries and home needs. The same goes for commute. An Uber and Ola ride can let you pay via mobile wallets instead of cash that your would otherwise that you can stove away for now.
However, the report points out that food tech sector, that has been on shaky grounds for sometime, is expected to be affected, at least short term. While some (read me) who make almost every payment online or via payments may find it difficult to believe, but if the report is to be believed, then the absence of COD is believed to be the reason. Similarly, the lack of COD option is also said to affect online retailers. According to the report, over 70 percent of overall and 40 percent of high value transactions are made via COD. So, its possible that users opting only for COD may shy away from online shopping stores.
However, the report states that these could affect sectors temporarily and once the liquidity conditions stabilise, these businesses could return to usual. Similarly, you may see transactions related hyperlocal groceries go back to normal, while food tech bouncing after the dip.
Have you opted for online groceries or cut down on orders due to lack of CoD. Do share your stories in te comments section below.