Cash in on Cashless
Global trends favor cashless economies. The time is just right for ushering in a cashless economy in India. What better incentive than demonetization to pave the way for the much-needed transition?
Humble rural folks are reveling in the new power acquired from operating a cashless system through their mobiles.
For the small business junta, the palm-sized mobile and the cashless system it endorses is a huge wonder. All one needs to do is to download the app, register and tap the phone number which results in instantaneous transfer.
The small hamlet, Akodara, near Ahmedabad, is probably India’s first ‘Digital Village’ with ICICI bank having set up a cashless SMS-based banking system here. The villagers SMS a single digit transaction code, followed by the recipient’s number and the account number of the person who wants to pay. This cashless system works from Rs10 to Rs5,000 and money is transferred directly.
Tea-vendor Maheshwari in Ashoknagar, Hyderabad uses Paytm on his smartphone. Every cup of tea sold fetches Rs6 to his account instantly. And the response has been amazing.
In Hyderabad, Ramanamma, a vegetable vendor in Mehdipatnam, has started using her mobile phone to expand her business.
Push-cart fruit vendor, Kannadasan from Chennai is elated about the new turn of fortunes in his small business since he started using Paytm.
Naresh Kumar of Greater Kailash runs a grocery store. The online payment mode has kept his business afloat in these trying times.
The mobile wallet has changed the life of a south Indian restaurant owner in Daryaganj, Delhi who installed Paytm on his phone in the wake of demonetization. Delhi witnessed a near revolution among vegetable vendors who maintain a card reader for cashless transactions.
Chinchwad in Maharashtra has vegetable vendors using Paytm. Mahesh Garud, the first vegetable seller to use Paytm in Chinchwad, changed his payment system three months ago before demonetization and after the initial hiccup, demonetization has indeed favored this visionary!
Indian Oil petrol pumps have now begun accepting payments via Paytm.
Fuel Wallet by Satyam cinemas enables you to load money and book movie tickets. Show the SMS and enter the movie hall!
Mobile wallets are emerging as the next best alternative to debit cards. Services such as Paytm, Mobikwik and FreeCharge are leaders in online payments.
Paytm offers a payment token for the Delhi Metro as well as a QR code for small merchants based on a cashless system. In collaboration with ICICI bank, Paytm has introduced a virtual prepaid card for purchases in outlets accepting card-based payments. And you can add money to your e-wallet through ICICI Bank branches, even if you are not a customer of the bank. Paytm debit cards for use at ATMs are on their way too!
National Payments Corporation of India, or NPCI, runs the RuPay network. It has unleashed Unified Payments Interface (UPI) for peer-to-peer payments through mobile phones.
Mobile wallet: Service providers offer mobile wallets via apps which you can download on your smartphone. You can store cash in your mobile wallet to make online or offline payments. And you do not have to give your credit card details!
Plastic currency: This includes credit, debit and prepaid cards issued by banks and non-banks.
Net banking: This enables online transfer of funds via NEFT transfer to another account, credit card or third party through your computer or mobile.