India’s largest online marketplace IndiaMART has witnessed a phenomenal rise in enquiries on technological instruments that enable cashless transactions.
The machines facilitate acceptance of payment from customers by swiping of debit/credit/pre-paid cards.
“Following demonetisation and resultant cash shortage in the market, the surge in the enquiries for point-of-sale and card-swipe machines on IndiaMART indicate that more organisations especially SMEs, entrepreneurs and emerging businesses are looking for alternative payment solutions to avoid hindrances in business. In fact, the upswing for the demand of such machines has gone up to as much as 9000 percent from the day the 500 and 1000-rupee note recall was announced,” said Vice President Marketing, IndiaMART, Sumit Bedi.
The platform has witnessed major growth in enquiries from cities like Ahmedabad, Jaipur, New Delhi, Pune, Bengaluru, Hyderabad and Chennai.
Post demonetization, there has been a whopping 10,000 percent rise in the demand for card swipe machines in Ahmedabad, 7800 percent in Jaipur, 6800 percent in New Delhi, 4200 percent in Pune, 4000 percent in Bengaluru and around 3500 percent in Hyderabad and Chennai. SMEs from cities like Lucknow, Surat, Patna and Indore have also shown huge interest in card-swipe machines.
After demonetization, the platform has seen more than 11,000 percent growth in the demand for POS Systems in New Delhi, 9500 percent growth in Bengaluru, 7900 percent in Jaipur. There have been enquiries from other cities like Chandigarh, Mumbai, Hyderabad also.
Prime Minister Narendra Modi announced the government move to demonetize 500 and 1000-rupee notes late evening on November 8th 2016.