NARENDRA MODI STRIKES BLACK MONEY, DIGITAL WALLETS STRIKE GOLDby Rajshree Faria November 9, 2016
Stealing the thunder from Big Brother, Narendra Modi showed the world just how serious he was when he said: “Acche Din” are on their way. Putting India on the global map once again, for all the right reasons, the government demonetised the current Rs.500 & Rs.1000 notes to flush out all the black money, and its relates ill in the country.
A bold and historic move, this step did not come without a few inconveniences to the common man. Left with almost worthless pieces of paper printed with Rs.500 and Rs.1000 on them, Indians were left wondering how to go about their daily chores without adequate cash in hand and this is where the multiple digital wallets operating in the country came as a boon.
Essentially a virtual, electronic device that allows users to make monetary transactions online, to buy products and pay for services. Since it is a cashless transaction, the demonetisation scheme won’t affect their operations.
Here is how some of the most popular digital wallets will help you:
Got no money to pay for food? Or maybe want to watch a movie, but all you have are worthless Rs.1000 notes that you so proudly withdrew from the ATM before disaster struck? Fret not, for FreeCharge has come to your rescue. Simply head to any of FreeCharge’s merchant partners such as McDonald’s or BookMyShow and pay for the food or movie tickets when asked to pay. Available in offline mode too, FreeCharge will help you escape the chaos that surrounds those without access to a digital wallet.
One of the first responders on scene post the massacre of black money, Paytm tweeted a fabulous take on the situation: “We have got two words for you: Paytm Karo.” Once people were done laughing over the wittiness of the tweet, they soon realised just how on point the Noida-based company was with its less than 140- character message. All those worrying about paying their electricity bills, recharging their phones, and paying for other utilities can simply use the Paytm app or website to do so. That’s not all; Paytm hosts listings for thousands of products from various sellers. So, if you are looking for a pair of new shoes to run to the bank in when they finally reopen, you know where to head to!
Don’t have a Paytm account yet? You can get one right away; all you need to do is create an account and link your bank account to it.
Netbanking+ Paytm= Problem solved.
Authorised by the Reserve Bank of India, the Gurgaon-based MobiKwik is another popular digital wallet that you can use as you wait for the banks and ATMs to open. Since netbanking is not under scrutiny by the government in its latest demonetisation scheme, MobiKwik users can quickly refill their e-wallet by transferring funds from their bank account in order to pay their bills, recharge their DTH services, and shop at partnering merchants’ outlets.
Seeing the current situation, a blessing in disguise that certainly arose out of the whole crackdown on black money is the popularisation of the use of digital wallets which was hitherto, facing some tough competition from ‘cash’.
The date ‘9/11’ could serve as a milestone in our economic history, for being a day when cashless transactions took root and rose to prominence.