More importantly, this has resulted in a significant growth in card transactions in this mode reflecting the enhanced level of customer confidence. Perhaps as a consequence, the focus of fraudsters has shifted to card present transactions. For example, in Chandigarh, card data – including the PIN - was compromised at a few ATMs.
In addition, wage developments have been more favourable than in previous episodes, and firms may have - to a greater extent than previously adjusted labour input downwards in term of hours, rather than in terms of employees. This in turn might indicate that firms have gained an element of flexibility to adjust costs.