Card transactions zoomed 192 per cent between November 9 and 13: Study
Bengaluru: When demonetisation was introduced on November 9, it sent the public into a tizzy. Faced with a currency crunch, people who usually used cash to transact, turned to cards.
Between November 9 and November 13, card transactions rose by a staggering 192%, according to a study conducted by Nanolocal Technologies. The study also found that during the first day after demonetisation - 9th November, footfalls in stores increased by 18%.
The study also found that consumers did not compromise on basic necessities like food and groceries. Restaurants and cafes saw a rise in footfalls by as much as 20%, supermarkets and grocery stores by about 9.5%. Non-basic consumables such as book and optical stores saw a certain reduction in footfalls - book stores by 16% and optical stores by 18%!
Using its trademark application ‘Bounty app’, the company aims to understand the habits of consumers and helps them make choices. For example the study found how consumer patterns between 2nd and 6th Nov were compared with consumer patterns between 9th and 13th November. The company found that consumers’ transactions through debit and credit cards went up by a staggering 192%. Also the app found that people transacted more at large chains of restaurants and super markets which accept cards rather than small stores which do not accept cards. “The study was a by-product of a spin-off by one of our team members. The app if used will reward you for using it”, says Satish Medapati, CEO of Bounty app. “We want to eliminate spam and ensure our customers get the maximum benefit by guiding them to products they actually want to buy,” he adds. The company targeted age groups between 18-35 years and studied their consumer behaviour. The company’s app is developed for Android smartphones and is available on Google's playstore. Bounty app rewards its users for simply walking into a partner place, with the company having tied with over 20,000 outlets.
Whenever a consumer walks into one of the company’s partner places, the app's 'intelligent assist' automatically alerts you to check-in and the consumer automatically earns reward points. These points can be redeemed for vouchers. The app is currently live in Bangalore, Chennai, Hyderabad and Delhi.
