Narendra Modi's Demonetization: Traders app-alled as business suffers

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Narendra Modi's Demonetization: Traders app-alled as business suffers

Post by Rashmun on Wed Dec 21, 2016 8:40 pm

Krishna Sharma, a shopkeeper selling dairy products in New Seelampur, readily employed online mobile wallets after the demonetization drive led to a cash crisis and affected his business adversely. Two weeks into using apps like Paytm and MobiKwik, Sharma says very few people pay through these e-wallets and that transactions have been predominantly cash based with residents here still preferring to line up outside banks and ATM rather than graduate to e-payments.
The story in Jafrabad and Burari is similar, with people standing in serpentine queues outside banks in the hope of cash and very indifferent to the government's plans for digitised economy.

Mukherjee Nagar, is a fast developing and affluent district in Delhi, adjacent to Delhi University. Vikrant Chhabra, a 33-year-old shopkeeper selling clothes, set up an Immediate Payment Service (IMPS) at his shop, along with other options in e-wallet payments. "Not everybody can work an e-wallet app. When customers can't pay in cash, I ask them to make an IMPS transfer. Almost everybody has a banking app. I have my cheque books here. So I ask them to make IMPS transfer—but, only with customers I know and trust," he said. However, Chhabra faces server problems with the POS machine.
Masood Rahman, another garments shop owner here, has a customer with a card—only that the POS machine keeps rejecting the card. The customer fishes out another card, but to no avail; finally, he pays up in cash, reluctantly.

"POS machines here never work. The Wi-Fi service is very poor and the government expects us to go cashless. When the machines work and the students get a wind of this, they rush here with their cards, asking me to swipe and give them a few currency notes as exchange. Often, I do. But I am not a bank," Rahman says.
Even as we speak with Rahman, a queue of 50-60 people outside ICICI's ATM have melted away. "The ATM is stacked up with notes but the server is down. We have called in a technician," the ATM guard tells us helpfully.


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