Snapdeal CEO Kunal Bahl on Thursday said that people are migrating from cash-on-delivery to digital payments at at rapid pace. “Eighteen months ago the usage of cash-on-delivery option was around 80 per cent of the total transactions. Now, it has come to around 50 per cent and we are witnessing a further drop of 20 per cent this month,” Kunal said. He added that the surge is a significant push in the direction of cashless transaction. “Now, already our cashless transactions are touching 60-70 per cent, so it’s been a significant push in that direction,” said Bahl. He expected the ratio to be lowered down once cash comes back in the economy. “I expect that once cash comes back in the economy this will settle at a lower equilibrium, but even if a surge of 10%-12% remains, it will be huge as it would have taken 2-3, years if not more,” said Bahl.
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Bahl said that he cashless transaction services like freecharge will gain further traction after demonitisation. “The customer satisfation level is always higher with those who pay digataly in comparison of those who pay through CODs.” Bahl said. Kunal said that his companies foremost goal is lessen the anaxiety which the customer is facing currently “Our First and last goal is to address the anxiety being faced by customers,” he said.
Talking about the goals and company’s performance in festive season, Kunal said: “It’s been a great festive season for us, it has boosted the morale of our employess and investors.”