Hyderabad, January 26, 2017: Walnut, India’s leading personal finance app, has created a scorecard comparing how each state is moving towards a cashless economy post- demonetisation, based on an aggregate and anonymized analysis of its 5 million+ user’s data. The scorecard ranks states based on percentage increase in overall cashless transactions, growth in shoppers using debit or credit card for the first time and growth in merchants accepting digital payments.
Based on these parameters, Gujarat, Telangana and Haryana emerged as the top 3 states with the highest growth in going cashless in the country. The app also tracked category-wise spends for the top 5 states and fuel expenditure emerged as the leading category for cashless transactions post-demonetisation, followed by F&B and shopping in Telangana. Among these states, Walnut users who had previously used their debit cards only for withdrawing cash, performed 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.
Commenting on the scorecard, Amit Bhor, Co-founder & CEO of Walnut said, “Telangana has showed an impressive growth in going cashless post-demonetisation. While the local government promoted the cashless push through a mix of communication, infrastructure support, and partnering with banks, an adoption at this level is only possible by a ground-up consumer willingness to learn something new. We hope that more communities in India would adopt digital transactions, like Telangana has done.”
Walnut aims to contribute towards making money simple for all Indians by contributing to a better digital payments ecosystem in India. Its recent “Find an #ATMwithCash near you” feature witnessed a phenomenal response and the app received over 120 Million requests for ATM information. Walnut tracked over 100,000 ATMs across the country in real-time.
Walnut is a personal finance management app headquartered in Pune. Founded in 2014, Walnut allows user to automatically track spends, bank and card balances without the need of bank passwords, and find an #ATMwithCash nearby along with currency note information. It also allows users to do bank to bank P2P transfers, Visa credit card bill payments and split expenses on the app. It enables the user to effortlessly keep a tab on their money using technology in mobile & machine learning from SMS & other data sources. The app is available to users on the Android and iOS platforms.