1. Notes demonetising: Brands jump over the idea, markets affected

Notes demonetising: Brands jump over the idea, markets affected

While citizens across the country went into a panic mode with the government demonetising Rs 500 and Rs 1000 notes, various quick-thinking brands tried to encash the opportunity and rolled out offers luring people to use plastic money even as popular markets such as Khan Market and Connaught place here bore a deserted look.

By: | New Delhi | Updated: November 9, 2016 9:05 PM
PayTM jumped at the idea when Prime Minister Narendra Modi announced demonetisation of high denomination currency last night and issued full page advertisements asking people to go "cash free". (Express Photo) PayTM jumped at the idea when Prime Minister Narendra Modi announced demonetisation of high denomination currency last night and issued full page advertisements asking people to go “cash free”. (Express Photo)

While citizens across the country went into a panic mode with the government demonetising Rs 500 and Rs 1000 notes, various quick-thinking brands tried to encash the opportunity and rolled out offers luring people to use plastic money even as popular markets such as Khan Market and Connaught place here bore a deserted look.

PayTM jumped at the idea when Prime Minister Narendra Modi announced demonetisation of high denomination currency last night and issued full page advertisements asking people to go “cash free”.

“We have got two words for you: Paytm Karo,” the mobile-wallet brand tweeted.

Cab aggregator Ola which tried to market its “Ola Money” feature claimed that they have recorded an increase of 1500 per cent in wallet recharges since the announcement was made.

“The Ola Money wallet has witnessed unprecedented traction amongst consumers over the last 12-15 hours with a 15 times increase in recharge volume. We have reported over 1500 per cent increase in recharges across the 102 cities of operation since 8:30 PM last night,” said Senior Vice President, Ola, Pallav Singh.

Uber India President, Amit Jain said, “Uber and other tech companies in India and around the world depend on consumers being able to frequently make low value payments with minimal friction. We encourage the government to adopt practical measures that can make digital transactions more convenient and seamless”.

Following the announcement Big Bazaar decided to keep their stores open till 11:50 PM last night so people could stock up for their daily needs.

Grocery shopping mobile applications such as Grofers, Local baniya, Big Basket, Housejoy and others introduced various offers prompting users to order the daily essentials through them using debit and credit card and netbanking and earn benefits like vouchers and cashback.

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