Getting cash in India has become such a headache that some people have begun to order for it online. An e-commerce company has emerged to deliver the cash to the doorsteps of Indians even as millions queue to get their hands on cash.
All this anxiety is being caused by a recent sudden decision by the government to ban 500 and 1000 rupee notes. The ban took out of the market 86 percent of cash in the country and people have to now scramble for money to purchase any item.
Snapdeal, one of India’s biggest online retailers, has added rupee notes to the hundreds of products it already offers. Users can get up to 2,000 rupees ($30) in cash by swiping their debit cards through a machine carried by the company’s couriers and paying a one rupee commission.
This is a program that was launched in Bangalore and Gurgaon and Snapdeal will be using the cash that it receives through Cash on Delivery (CoD) to operate this facility.
Some charges for the delivery
The online firm will charge the cash recipients a fee of 1 Rupee, payable at the time of booking via FreeCharge or debit card.
As explained in the company’s statement, “At the time of cash delivery, the consumers will need to swipe their ATM card on the PoS machines, which Snapdeal’s courier partners will carry for all such deliveries. Once transaction is successful, the courier person will hand over Rs 2,000 in cash.”
This service allows users to request as much as Rs 2000 for each booking and the ATM card of any given bank can be used to make the payment. In addition, customers will not be bound to make any other order for them to receive their cash.
So far, the response has been positive with the company spokeswoman explaining that they are already handling significant requests for money.
Digital payments – the future means of paying
Most Indians are little by little taking up digital payment. However, for a country whose 90 percent transactions are carried out in cash, forgetting the paper wil not be an easy task.
Snapdeal has set itself into one of the most recent initiatives by finance institutions to fight back the cash shortage. Banks have already issued the ATM buses while one company even let people hire helpers that will stand in line for them.
Snapdeal co-founder Rohit Bansal said in a statement that “The launch of the cash on demand service is intended to further help our consumers tide over any cash crunch that they might face in addressing their daily needs.”
Only the stated cities will at the moment use this service but there are plans to add more locations.