PM Modis move to demonetize Rs. 500 and Rs.1000 notes have led to a severe crunch for change. Many small vendors and traders have now found a new friend in e-wallets and online payment modes to keep their business tugging forward in this time of need.
It is quite surprising to find the local chai-walas and small tapris in the capital switching over to e-wallets and digital money payment methods. This is after the sudden ban on Rs. 500 and Rs. 1000 notes. This move may have led to many day-to-day problems. However, hundreds of vendors and businesses have found an easy way out. Online payment services and mobile payment is expected to help these businesses and vendors double their annual growth.
You can move across the national capital and find many small vendors, as well as businesses are opting for mobile and online payment services. This is after 86% of the total Indian currency is off circulation. You can see many boards proudly displaying the vendors, vegetable seller as well as the neighbourhood grocery stores a mobile number for online payment. Some of the popular mobile payment gateways include Paytm, Freecharge as well as Metro Cash and Carry.
Pay Us Online
Many tea stall owners, such as Nandu Gupta in Noida’s Sector 16-A have been asking customers to pay him through e-wallets. He says he has nothing to hide and whatever he earns can now be paid online. This move has also helped him overcome the hassles of loose change. He is now in process of finding a new wholesaler who will accept payments online as his current dealer has refused.
Similarly, Bela Jain who resides in central Delhi has paid her presser through Paytm. She says she never thought of using Paytm and it was on her istriwala’s insistence she downloaded the app. Now, she is grateful to him as she uses Paytm for many other purposes.
Smartphones have Fuelled The Need for e-Wallets
India is one of the fastest-growing markets for smartphones globally. This has helped many people come out of the cash crunch and use online modes to pay directly from their bank accounts.
Is BJP Trying to Boost Digital Payment?
Digital India is the dream of PM Narendra Modi. Use of online payments and digital money can be a part of this dream. Use of e-wallets in the rural, as well as semi-urban regions, can help achieve the Digital India aim to some extent. This can be one of the reasons for BJP-led government from supporting the digital payment method.
Doctors and Hospitals Accepting Online Payment
Doctors have also found use of digital payment easy to accept consultation fees from their patients. However, not all are quite happy about it and tend to ask patients to pay back on a later date. This mix reaction among doctors is a sign, not all are enthusiastic about digital payment methods.
According to a few doctors, the OPDs in many hospitals are running slow as people are facing payment dilemma. Thus, many doctors have now started to use online payment methods or e-wallet payments. Paytm, cheques, as well as RTGs, are some of the common ways for online payments towards a doctor’s consultation fee.
The Friendly Kiranawala, as well as Milk Booths, Are Now Cashless
Initially, regular customers were offered daily commodities as well as milk on credit by the local grocery shops and milk booth centres. As the cash crunch problem seems to last a few weeks more, many such shops have now opted to go cashless.
A Mother Dairy booth owner in east Delhi says they started accepting e-wallet payment after people came in with Rs.500/- notes to pay for buying milk.
Even retail shop owners such as Gaurav Kumar at Shankar Market have started to accept money through online wallets. He says he lost many customers in the past week due to the money issue. With e-wallet payments, he does not lose any business and his customers find it easy to shop.
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- PM Modi’s Withdrawal of Rs. 500/ 1000 Creates Happy Ripples for Digital Payments and Wallet