Demonetisation: IndiaMART records 9000% rise in demand for card-swipe machines

The platform has witnessed major growth in enquiries from cities like Ahmedabad, Jaipur, New Delhi, Pune, Bengaluru, Hyderabad and Chennai.

Dec 08, 2016 02:12 IST India Infoline News Service

IndiaMART, India’s largest online marketplace, 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.
 
According to Sumit Bedi, Vice President, Marketing, IndiaMART, “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% from the day the 500 and 1000-rupee note recall was announced.”
ENQUIRIES (Per Day) ON INDIAMART
Timeline Before Nov 8th Nov 9th-Nov 15th  Nov 15th-Nov 30th
PoS Machines 20-30 100-150 1000
Card Swipe Machines 100 2000 9000
 
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% rise in the demand for card swipe machines in Ahmedabad, 7800% in Jaipur, 6800% in New Delhi, 4200% in Pune, 4000% in Bengaluru and around 3500% 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% growth in the demand for POS Systems in New Delhi, 9500% growth in Bengaluru, 7900% in Jaipur. There have been enquiries from other cities like Chandigarh, Mumbai, Hyderabad also. 
 
Prime Minister Narendra Modi announced the government move to demonestise Rs 500 and 1000 notes late evening on November 8, 2016.

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