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Digital wallet companies welcome Modis ban on high currency notes
Posted on: 09/Nov/2016 2:44:54 PM
With the new ban on Rs. 500 and Rs. 1000 notes, digital wallet companies are in the forefront, welcoming the news.
A top executive of Snapdeal said, There will be significant long-term benefits. With this, the quantum of India’s economy moving through the digital pipes will witness massive growth. Both Snapdeal and FreeCharge are committed to supporting all such initiatives.
A senior official of the Payment Council of India said, We welcome this extremely bold and much needed step by Prime Minister Modi and the government to cure us from disease of cash in our society. I along with Payment Council and India and ItzCash greatly admire this move and provide our full support.
Trupay is a unified payments interface based bank to bank payment solution has also welcomed this move to curb black money. Executive there say, During the changeover period of phasing out old currency notes we really believe that a lot of people will move towards digital payments options due to curbs on roll out of new currency. People will now look at and embrace new age digital payments systems which are far more efficient to enable direct bank to bank retail payments.
PayTM took to twitter to say Two words. Paytm Karo. A senior executive at PayTM said, In ecommerce, we will see more consumers do digital payments, CoD will reduce which means ecommerce will become more scalable in the long term. This is the best time to build a financial tech company in India. Every part of the country now wants digital to be successful.
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