India’s economy is heavily entrenched in cash based monetary transactions, with cash transactions for small to large purchases from daily groceries, restaurant bills, to buying gold or real estate (Chakravorti, 2017). This changed when the Government of India initiated an economic policy shock, in November 2016, launching its demonetization plan declaring 86 percent of banknotes in circulation, invalid, and promoting cashless financial transactions (Escobedo, 2017). This economic policy shock caused the nation a major disruption in small businesses, agricultural transactions, hospitals operations and domestic purchases (Shepard, 2017).  The immediate result was a 300 percent rise of digital transactions all over the nation (Security Intelligence, 2017). While Ghosh (2017) emphasizes the remarkable  numbers like 435%  increase in Paytm’s traffic (a leading mobile payment app) post demonetization, Goriparthi & Tiwari (2017) predict that demonetization will drive migration from debit/credit cards to mobile payments, though both offer cashless transactions. Though the economic policy shock has driven digital transactions as a whole, demonetization alone cannot explain the preference of newer and more complex technology of mobile payments over traditional and low maintenance credit/debit cards.