India 10 November 2016: Vivek Mathur, CEO at Giftease.com “I believe this is a major & very progressive step towards cleaning up the economy. Of course while it has much larger ramifications for the economy, it is also very significant for the ecommerce industry. In the immediate term, with over 50% of ecommerce transactions being COD, there will be an impact on volumes, as customers will conserve cash available with them. However, over the medium term I expect this will be positive, as many customers will acquire alternate payment methods like plastic or online wallets, or will overcome the psychological barrier to using these for payments – which will be very beneficial for the industry if COD declines”.
Vinamra Pandiya, Co-founder at Qtrove.com, “We at Qtrove.com wholeheartedly welcome this historic decision by the Prime Minister Modi & congratulate him for taking a decisive step towards curbing black money and counterfeit currency. This decision will give renewed impetus to digital payments thus keeping corruption and black money in check. After Mr. Modi’s historic decision, we have called and informed all our customers who had placed Cash On Delivery orders with us to kindly use denomination of Rs.100 , 50, 20 or 10 for all cash on delivery orders till the time new currency is injected in the system"