Millennials have overwhelmingly voted with their feet for new payment systems like digital/mobile wallets and mobile-based instant payments
Much has been said about how the COVID pandemic had a silver lining for some, especially digital payment services. In India, where cash was king, cash usage actually dropped in 2020 – driven largely by fear of contagion, as well as the collapse of small local businesses and services which largely depended on cash transactions. Although cash usage rose marginally in 2021, it is still nowhere back to the previous levels.