Re: I'm sure Mr Modi only has the welfare of young people on his mind.
A little late to the news aren't you ? Crypto - especially days since COP26 - is a waste of energy expressing itself as a speculative mania. Why not go back on google and search 'tulip mania' while you're dredging up history ?
Four years on, this is the result of demonetization:
https://sbi.co.in/documents/13958/10990811/281021-Ecowrap_20211029.pdf/b0625dda-46bf-1f1e-2998-3c58c94dd156?t=1635409920832
- Share of informal economy shrunk to <20% from 52% in FY18, when demonetization happened.
https://www.business-standard.com/article/economy-policy/upi-registers-record-4-21-bn-transactions-worth-rs-7-71-trn-in-october-121110100572_1.html
- UPI, the Indian real time payments interface, records 4.2 billion transactions worth over $100 billion in October.
Here's what The Register is completely blind to - in the past four years, the trailing 12 month total in UPI transactions was:
Oct 2021: $852B
Oct 2020: $397B
Oct 2019: $218B
Oct 2018: $56B
Oct 2017: $5B
https://twitter.com/surajbrf/status/1455295485518893058
Around January, the trailing 12 month figure in RT payments will cross $1 trillion, on the back of a transaction volume of around 40 billion then.
India is by a long distance the world's biggest RT payments market, with 35 billion transactions in the 12 months to Oct 21. Second place is China with ~20 billion.
It's true, the total value is pretty small - 'just' $1 trillion from 40 billion transactions. Just ~$25 per transaction, because it's not just a few high value transactions. It's everyone and their dog using UPI .
Visa and Mastercard have essentially been decimated - the local RuPay card has 650 million subscribers, about 10x the western ones. What's more, the entire infrastructure is in India, with Indian data localization law forbidding Indian transaction data from being hosted outside.
Demonetization is simply a step that occured in lock step with UPI at literally the same time. QR codes are ubiquitous - even push cart sellers prefer it. Why ? Have you seen the state of small cash ? They're dirty, torn and hard to exchange with banks.
With UPI, everything happens mobile to mobile. There are 1.3 billion mobile connections in India, approx 800 million unique users, out of a population of 930 million adults. Smartphones number approx 550 million now.
But yeah tell us what you know about all this, because you're such a pro at digging up old news with no idea what's happening in the world today.