Demonetization has effected every industry in the market, Every market is facing problem due to the demonetization effect. From vegetable vendor to industrialist, citizens of the country have brace themselves to face the new impact of the demonetization. The sales and revenue of every industry has been facing large problem in lead a cash less life. It was estimated that majority of the population used to pay through Rs 1000 and Rs 500, but just after the ban on the 500 and 1000 rupee note, they are facing problem regarding it. Not only that there are many sectors which use to follow cash transaction, they have now adopted plastic money for the payment. Initially this initiative showed negative response but as the time passes this program was accepted by the nation. It is a long-term process for getting back black money from the people which can be used for the development of the country.
Demonetization vs Digitization
As this ban is implemented now days, nation is mainly running towards the digitization, as everything in the market is going cashless, people are going cash less and they are opting new method for paying. Demonetization and digitization is going hand in hand , the more dilution of money is increasing more digitization is being adopted, this program is playing a vast role in enhancing people to go digital. Digitization has vastly impacted the lifestyle of the public. citizens are favoring technology for themselves. As the digital divide is compressing between the citizens. Not only that, the prime minister is promoting digitization in introducing mobile wallets so that people would use it comfortably .
Demonetization impact on E-Commerce
This dilution of money has been effected adversely on the e-commerce companies, as their sales has dropped due to the change in currency. Many companies have stopped accepting cash as they are facing difficulties in receiving the cash. E-commerce companies have gone cashless by demolishing their COD option. These companies have introduced mobile payment option for buying anything, but this has lead to problem as it was easier for the people to buy thing on cash on delivery. There are many mobile app development companies which are introducing new way for paying you bills. PayTM is one of the company which has given tremendous growth in the market going cashless. everybody is opting PayTM for paying their bills for the basic needs. Many leading companies are accepting this form of payment which has made people's life easier. Rather than standing ATM line for long hours people has adopted plastic money for the payment option. Through this method, they are expecting to increase the sales in the market. These Mobile Development companies are motivating people to go cashless and give their best to eradicate corruption from the country.