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Quote from VISA on PM Modi's statement on demonetization


Quote from VISA on Prime Minister Narendra Modi's statement on demonetization

India 9 November 2016:

‘We welcome this bold move by the Government of India towards eliminating black money and accelerating India towards a cashless economy. The Visa report ‘Accelerating Growth of Digital payments in India’ that we published on Oct 5th pegs the cost of cash to 1.7% of India’s GDP (link to report). This is one of the most significant steps that we have seen so far towards India becoming a cashless economy. Visa is committed to expanding access to electronic payments across India providing a safe, convenient and flexible alternative to cash.” T R Ramachandran, Group Country Manager, India & South Asia, VISA.