The banking sector is today targeting to move to a less cash economy. Indian banks have been pushing to move from cash to a cashless or less cash economy. Banks and GOI have been working on it and the results have been extremely positive in the last five years on the corporate front and are expected to grow further in next three years. Government of India and Reserve Bank of India in Oct.’16 took a big step forward in this direction and announced re-monetization of 86% currency which was in market.
The push to move to a less cash economy was given a major boost. Banks currently have multiple options to achieve digital payment transaction targets like:
In line with the focus of the Government of India towards digitalization, Punjab National Bank came out with a concept of Cashless Banking using Food Court Model alongwith M/s Natural Support Consultancy Services Pvt. Ltd. (Natural) Jaipur which is designed to meet the requirements of the Indian Villages/rural areas (the less privileged sector of our economy), where we face limitation of last mile network connectivity (2G/3G/4G), leading to low success rate in the field. Low transaction success rate is the major reason, which creates a low trust in the minds of payee on the success of transaction and push them back to cash economy because of the high confidence factor on the success / assurance to complete payment transaction.
PNB eRupaya solution overcomes this limitation as we have observed 100 % success rates in Transactions during the pilot implementation in Rarah Village, Bharatpur District, Rajasthan.
PNB eRupaya solution, fits into rural space and is :
Made in India :
A Make an India product
No payment to be made to MASTER / VISA – saves precious foreign exchange
No dependency & No data sharing with any foreign company
Independent of internet connectivity
100% Transaction success rate (Robust & Reliable)
Convenient, Simple & Easy to use (Adoption)
Average Transaction Time lower then cash (Acceptance)
Prepaid cards will be issued to Citizens, Ration Card Holders, Students, Patients against their Name, Mobile no. and AADHAR
The card will be issued to any existing bank account holder or otherwise
Recharge : to a maximum of Rs. 2000 per day and Rs. 20,000 per month through:
Direct Benefit Transfer to card. The Account holder need not go to the branch.
Much cheaper than any other solution
Ladies find it easy to carry the card instead of bundle of currency notes
Much cheaper and effective than the Master / Visa POS devices
Ideal for low value transactions