The Cashless India Scorecard by Walnut

It has been just over a couple of months now since demonetisation came into effect, and there is curiosity about how India is moving towards digital payments. Walnut has 5mn+ users and based on anonymised, aggregate data, we generated a scorecard to rank all states in India based on their move to a cashless economy post demonetisation.

Gujarat, Telangana and Haryana emerged as the top 3 performing states as per the Cashless India Scorecard as they showed a healthy improvement in the factors considered for the scorecard. While Gujarat didn’t score highest on two of the three factors, its overall all-round performance helped it reach the top position.

The factors considered in ranking the states are based on percentage increase in:

– Growth in overall cashless transactions

– Growth in first-time debit/credit cards use post-DeMo

– Growth in merchants accepting digital payments

Cashless India Scorecard: complete ranking

We also tracked category-wise spends for the top 5 states, and fuel expenditure emerged as the leading category for cashless transactions post-demonetisation. For the top 5 states, most number of users who had previously used their debit cards only for withdrawing cash from ATM, did their first cashless transaction to pay bills. This suggests that enabling public and private utility services such as telecom, electricity, gas, water etc. to start accepting digital payments is most likely to turn users cashless for the first time.

Go cashless, download Walnut and send money directly from debit card to bank account, FREE!

Originally published at on January 25, 2017.

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