Plastic money helps most tide over currency crisis in Mumbai
While online payment gateways saw double the number of transactions over the past five days through use of credit cards and online payments, retailers said there was an increase in business as they came up with offers to attract more customers.mumbai Updated: Nov 15, 2016 10:34 IST
While online payment gateways saw double the number of transactions over the past five days through use of credit cards and online payments, retailers said there was an increase in business as they came up with offers to attract more customers.
Zomato, a restaurant search and discovery service offering online ordering, saw a 200% increase in online orders since November 9. “We are actively working with our banking and online wallet partners to educate our users and help them adopt online payments,” said a spokesperson, adding Zomato has turned off the cash-on-delivery option for now.
Online payment platform Paytm said they completed 50 million downloads from Google and Apple playstores on Monday and touched 5 million transactions a day over the past five days, compared to 2.5 lakh transactions before demonetisation. Some of their offers were Rs1,500 cash back on international flight tickets, 100% cash back every hour on electricity bill payments and 15% cash back at some eateries. “The company registered a 700% increase in overall traffic and 1000% growth in the amount of money added to the Paytm account over the past couple of days. During this period, the transaction value continued to be 200% of the average ticket size, while the number of app downloads went up 300%,” said Sonia Dhawan, Paytm.
Online shopping brands such as Amazon said over the last two days, payments on the internet had gone up by almost 10 times. An offer launched on Monday gave an incentive of 15% and discounts up to Rs300 during checkout. “We continue to focus on incentivising and helping people shift to making payments online,” said an Amazon spokesperson.
Uber, an online taxi aggregator offered a 50% discount on rides across the city till November 18. Another online taxi service provider, Ola, said they saw a 1500% increase in wallet recharges within a few hours after the PM’s announcement. “We saw a growth of over 15 times on Ola Money recharge within 15 hours of the decision,” said Pallav Singh, senior vice president and head, Ola Money.
Big Bazaar introduced a 10% cashback on deposits in their electronic wallet, which means on a deposit of Rs5,000, a discount of Rs500 could be availed of. “We have seen an increase in debit card usage over the past few days at outlets and increased surplus supply, so consumers are content,” said a Big Bazaar spokesperson.