Shockingly, only about 11 pct households in urban areas undertake cashless transactions.
Just 3.6 per cent households in the country undertake cashless transactions, although the government and the Reserve Bank of India (RBI) have been taking steps to promote e-payment channels, says a report.
It cited poor acceptance of cards by sellers and lack of awareness about cashless systems/options as the two main reasons for such low penetration.
"Penetration of cashless transaction stands at measly 0.43 per cent. It has been seen that only about 3.6 per cent of the households in India make cashless transactions," said a report by India Development Fund and Internet and Mobile Association of India that was sponsored by Visa and ItzCash.
About 11 per cent households in urban areas undertake cashless transactions, while in rural India, only 0.43 per cent of the households make cashless transactions.
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