Modi’s cashless push to fill up smartphone cos coffers: Samsung

The Centre’s push for a cashless economy and digital mode of payments will provide a fillip to the growth of smartphone market in the country, a top official of Samsung India said on Thursday.

The Government’s demonetisation drive and subsequent appeal to people to adopt cashless transactions using mobile phones has encouraged them to buy smartphones, said Manu Sharma, Vice-President (Mobile Business), Samsung India. 

“Thanks to the Government’s cashless push, people have developed a habit of making payments using various e-wallet services. People are finding them more convenient that cash payments,” Sharma said. “Due to demonetisation, digital mode of payments have increased. 

This is a very good transformation. It will increase smartphone adoption among users. We believe the Government’s cashless push will prove to be an important aspect for the overall growth of smartphone market.”  Sharma said at present 22 crore people in India use smartphones.

According to the Samsung executive, the mobile phone industry was not hit that badly due to cash crunch post the November 8 note ban announcement.

“Effect of demonetisation on mobile phone industry was not that severe. The industry was not hit as badly as other industries. As of now, there is absolutely no effect. Things became normal after December,” said Sharma.