Herald: Cashless economy: Banks prepared, are customers in Goa ready for it?

Cashless economy: Banks prepared, are customers in Goa ready for it?

30 Nov 2016 07:26am IST
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30 Nov 2016 07:26am IST

PANJIM: The plea by the Prime Minister to make the Indian economy largely cashless has evoked passionate responses. However, even the best plans may fall asunder if the systems are not in place. The Herald spoke to various players in the market about their preparations.

AJIT JOHN


PANJIM: The plea by the Prime Minister to make the Indian economy largely cashless has evoked passionate responses. However, even the best plans may fall asunder if the systems are not in place. The Herald spoke to various players in the market about their preparations.

A senior executive of a public sector bank not cleared to talk to the Press said his bank was very much prepared for the challenges in a cashless economy. The challenge the executive said the attitude of the average Goan was much to blame. He said “We have a debit and credit card, our platform allows online transfers but our customers are not very keen on using these services. We talk to them when they come to either open accounts or withdraw money but to no avail. Outside, we don’t have a problem. In Mumbai taxi drivers use Paytm but in Goa it does not happen, the attitude has to change”.   

The response from a member of the communication team in a private sector bank was revealing. Anirudha Ghosh of Yes Bank said the bank had extended multiple initiatives to support digital payments. The bank had waived MDR charges for all debit card transactions. This would also include online shopping. The MDR is the fee charged to the merchant by the bank for providing card acceptance services. The waiver of MDR it is hoped will facilitate greater acceptance of debit cards by the merchants thereby resulting in greater use of cards by customers as their preferred payment method.  In addition the bank, Anirudha said Yes Bank also ensured state-of-the art offerings for its consumers across all these platforms like Yes Pay digital Wallet, Yes Tag – Chatbot Banking offering money transfer services and social media banking, partnership with Tone Tag and UltraCash for sound wave based payments, integration of NFC into the banks credit card offerings.”

Jorge Da Costa, Sr Vice President, Circle Head HDFC said, “We have various apps available on our platform which will assist our customers in their financial transactions. We popularize our apps, wallets, debit cards, credit cards and other applications”. With over 40,000 account holders in the state, the staffs   in various banks was talking to them to help increase the number going online to transfer funds and complete transactions. Jorge said the number using debit cards had increased dramatically following the move to demonetise two currency notes that made up 85% of the economy.

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