Pune: With cash returning to the economy, not only are digital transactions falling month-over-month after the demonetisation spike, but it is now turning out that growth in digital transactions is similar and in some cases slower than what was seen before November 2016.In the seven months between November 2016 and May 2017, digital transactions grew 1.15 times in volume and 1.11 times in value. As compared with this, transactions in the immediately preceding period grew 1.14 times in volume and 1.12 times (faster) in value. Even for the 12-month earlier period (November 2015 to May 2016), digital transactions gained 1.08 times in volume and a relatively faster 1.19 times in value.Certain digital transactions like mobile banking grew at a faster clip in pre-demonetisation days compared with after November 2016.Digital transactions spiked in the three months after demonetisation on November 8, 2016, and hit an all-time high in March 2017 before tapering off. Since then, digital transactions slowed in April and May. By May 2017, 85% of the amount of currency demonetised came back into circulation.Numbers show that digital modes used by consumers like usage of cards at point of sale terminals (PoS) and prepaid instruments have begun to slowdown. For instance, debit and credit card usage almost doubled to 44 crore in January 2017 as compared with 23 crore in October 2016.Subsequently, card payments averaged 37 crore a month from March to May. Similarly, prepaid instruments usage more than doubled to 30 crore in January before tapering off slowly to 28 crore transactions in May 2017.“Prior to demonetisation, digital transactions grew by choice and then due to cash shortage post-demonetisation — by force, people were forced to use digital modes. Once cash got back, people who preferred to pay by cash went back to it,” said Kalpesh Mehta, partner and India financial services leader, Deloitte Haskins & Sells.Experts attribute this fall in urban areas to high-transaction fees charged at the end point, and in rural areas to lack of basic physical digital infrastructure like swipe machines and seamless internet connectivity.In April 2016, RBI deputy governor S S Mundra had said that “migration to digital transactions” was one of the important determinants for judging the success or failure of demonetisation.On Wednesday, the Parliamentary Standing Committee on finance headed by Congress leader Veerappa Moily will question the Reserve Bank of India governor Urjit Patel on the gains of demonetisation. The RBI is also yet to get back with how much money was deposited back into the system.However, usage of debit cards has seem a positive growth. Since demonetisation, card usage at swipe machines (PoS terminals) have gained 1.66 times till May 2017 as compared with 1.25 times in the year ago period. Swipe machines continue to be one of the most ubiquitous and basic way of digital payments.Also, the number of swipe machines installed have increased to over 26 lakh — a gain of 1.78 times compared with October 2016. This works out to swipe machines in just over 5% of the shops in India, as it is estimated that there are over 50 million shops (mom and pop stores).