1. As Rs. 500, Rs. 1000 got banned; here’s how to reap the benefit of going cashless

As Rs. 500, Rs. 1000 got banned; here’s how to reap the benefit of going cashless

Yes, there is a dearth of cash but one should look for other viable options like cashless transaction.

By: | New Delhi | Updated: November 11, 2016 4:29 AM
Yes, there is a dearth of cash but one should look for other viable options like cashless transaction.(Reuters) Yes, there is a dearth of cash but one should look for other viable options like cashless transaction.(Reuters)

Prime Minister Narendra Modi’s historic decision to demonetise Rs.500 and Rs.1000 has left many people bewildered. But you don’t need to panic. The country has been going through a currency transition, a pivotal step to fight corruption. Yes, there is a dearth of cash but one should look for other viable options like cashless transaction. Ola is embracing the new change. Now you can go cashless in more ways than one, as it accepts all major credit/debit cards as payment modes for your Ola rides, along with Ola Money and cash. All you need to do is choose your preferred mode of payment before making your booking. The app-based cab service provider is offering lucrative offer like 20% cashback up to Rs. 50 on the first Ola Money recharge.

Digital payment solution Ola Money, part of taxi aggregator Ola, Wednesday reported over 1500 per cent increase in recharges across 102 cities of its operation in past 15 hours after government withdrew circulation denominations of Rs 500 and Rs 1,000 currency notes in a major move against black money and graft. The surge in recharges was seen between 8:30 PM till midnight, a report said.

In many smaller towns and cities across the country, which have predominantly been high on cash usage, there has been as much as 30 times growth, Ola Money said. This includes cities like Nagpur, Chandigarh, Bhopal, Lucknow, Patna, Ahmedabad, Coimbatore, Jaipur, Indore etc. A majority of rides are being paid for using Ola Money as against cash across India.

“Within the past 15 hours, we have seen a growth of over 15 times on Ola Money recharge…This move marks the beginning of a significant step towards a cashless economy and Ola Money is at the forefront of our vision of a Digital India,” Pallav Singh, SVP & Head – Ola Money said. Ola Money is also accepted at over 500 offline and online merchants across utilities, food, entertainment, ticketing and travel, recharge, shopping etc.

Recently, Ola Money also partnered with Mumbai Metro to help commuters recharge their prepaid metrocards and RSRTC- the Rajasthan State Road Transport Corporation as their exclusive digital payment partner, to book tickets online, using Ola Money.

Prime Minister, Narendra Modi, in a televised address to the nation on November 8, had declared that high denomination notes of Rs 500 and Rs 1000 will not be legal tender from November 8 midnight. He had said that the Government has declared a “decisive” war against black money and corruption.

The government has allowed citizens to deposit in their bank accounts old currency of Rs 500 and Rs 1,000, which has been declared invalid in the country’s biggest crackdown on black money, corruption and counterfeit notes, between November 10 and December 30.

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