Eyeing an aggressive push towards cashless payments, discounts on debit and credit card transactions are being offered by banks and payment companies to cash in on the ban on Rs 500 and Rs 1000 denomination currency notes.
ICICI bank is giving additional credit limit of 20% on select credit cards, Snapdeal is offering an additional 10% discounts through card payments while card company American express is giving a Rs 1000 credit back on new card approvals.
Upcoming payments bank, Paytm, in its huge advertisements is offering more cash back for making payments through its application and wallet.
ItzCash, another player in the digital payments space, said its card is now coming in as a huge rescue instrument for the public at large, as they have witnessed more than 30-40% growth in the volumes traded since yesterday (Wednesday).
Adaption to digital cash will now find a sweet spot among public at large as a precursor to counter similar occasions while they leverage the immense convenience and seamless interoperability it offers. At ItzCash we have been growing at 60% CAGR last three years and we are absolutely bullish towards a 100% growth projections.” – Naveen Surya – Chairman, Payment Council of India and Managing Director at ItzCash.
A Deloitte report on the demonisation move announced by the Prime Minister on Tuesday, said, “There is likely to a reset of spending patterns as this move represents indirectly a significant push towards a cashless economy. Businesses in the fin-tech sector including payment banks, mobile wallets, electronic transfer providers etc are expected to see gains.”
Smaller companies in the digital payments space are also promoting their products to join the focus on going cashless.
Zeta, a year-old start-up in digital payments (online and offline) and employee benefits space, helps consumers shop at merchants through its digital meal vouchers, medical reimbursements, gift cards and gadget cards.