1. Mastercard, Visa hail government’s demonetisation move

Mastercard, Visa hail government’s demonetisation move

International credit and debit card players which have been pushing for plastic money backed the government's decision to scrap high-value bank notes effective today.

By: | Mumbai | Published: November 9, 2016 4:28 PM
visas Singh hoped that it will lead to further economic growth by encouraging cashless transactions and reduce crime rate. (Source: Reuters)

International credit and debit card players which have been pushing for plastic money backed the government’s decision to scrap high-value bank notes effective today. Welcoming the decision, Visa International, which leads the plastic card issuance market globally as well as in the country, said this bold move will accelerate the economy towards a cashless economy.

Quoting its own report, it said the cost of cash leads to a loss of 1.7 percent of GDP in the country.”This is one of the most significant steps that we have seen so far towards India becoming a cashless economy,” T R Ramachandran of Visa India said.

He said Visa is committed to expanding access to electronic payments across the country by helping provide a safe, convenient and flexible alternative to cash. Porush Singh of Mastercard also hailed the move and extended its support to the government efforts, saying it fundamentally addresses the underlying “cash engine that drives the shadow economy”.

Singh hoped that it will lead to further economic growth by encouraging cashless transactions and reduce crime rate. Mastercard promised working with the government to provide cashless solutions that combat corruption, create growth, and inclusion for all members of society, he added.

  1. A
    Anil
    Nov 16, 2016 at 10:54 am
    If the Govt. wants to promote the cash less society, then the transaction charges should be 0 and the interest charged by these banks should not be more than 1% per month.
    Reply
    1. S
      saurabh sharma
      Nov 18, 2016 at 7:40 am
      people should have been encouraged towards cashless economy, rather than being forced to jump into it.
      Reply
      1. G
        gg
        Nov 12, 2016 at 8:19 am
        I don't get it , why people don't mind 2% fees (virtual tax) being paid to a foreign company just for convenience and yet if their own govt wants to increase tax by 1% there is a huge hue and cry.
        Reply
        1. N
          Nazeer Hussain
          Nov 14, 2016 at 8:59 pm
          Thanks to modi ji, Modi ji helped them achieve es to all Indians hard earned white money into their greedy banks so that they can make use of it double time for profits, why won't they appreciate????
          Reply

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