India rupee ban

Snapdeal to deliver cash

One of India’s biggest online retailers has started offering the country’s most sought-after item...cash. Snapdeal is letting people in two cities order rupees online, and pay with their bank card when the money is brought to their door, reports BBC. It is the latest firm to try and take advantage of a country-wide cash-crunch, after last month’s government ban on 500 and 1000 rupee notes. ATM queues and cash withdrawal limits mean getting currency is tricky.
Analysts said that it could be a shrewd way to encourage new users to download the retailer’s app, and tempt existing shoppers to make other purchases at the same time.
The rupees that Snapdeal delivers will primarily be money received from their customers who make cash-on-delivery purchases - a very popular service for e-commerce users in India. But with fewer people likely to be paying for items in cash due to the lack of money in circulation, some suggest the scheme could be difficult to sustain.
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While only available for now in Gurgaon and Bangalore, there are plans to roll out the service more widely. “The launch of the cash on demand service is intended to further help our consumers tide over any cash crunch that they might face in addressing their daily needs,” Snapdeal co-founder Rohit
Bansal said.
Snapdeal is charging one rupee fee for the service which is paid at the time of the booking. Customers can get up to 2,000 rupees per transaction after swiping their card through a point of sale machine carried by courier.
Earlier this month, online grocery service Grofers started a similar service letting its customers get cash back when they had shopping delivered to their homes.
That system is run in partnership with Yes Bank, which has also teamed up with taxi firm Ola to provide mobile ATMs. India’s Prime Minister Narendra Modi announced that 500 and 1,000 rupee notes were no longer legal tender as part of a crackdown on corruption on 8 November.
Together the two notes represented 86% of the currency in circulation and there have been chaotic scenes in India ever since, with people have spending hours queuing outside banks and cash machines which often run out of money.

 

India rupee ban

Snapdeal to deliver cash

One of Indias biggest online retailers has started offering the countrys most sought-after item...cash. Snapdeal is letting people in two cities order rupees online, and pay with their bank card when the money is brought to their door, reports BBC. It is the latest firm to try and take advantage of a country-wide cash-crunch, after last months government ban on 500 and 1000 rupee notes. ATM queues and cash withdrawal limits mean getting currency is tricky. Analysts said that it could be a shrewd way to encourage new users to download the retailers app, and tempt existing shoppers to make other purchases at the same time. The rupees that Snapdeal delivers will primarily be money received from their customers who make cash-on-delivery purchases - a very popular service for e-commerce users in India. But with fewer people likely to be paying for items in cash due to the lack of money in circulation, some suggest the scheme could be difficult to sustain. Desperate housewives scramble to change secret savings How will India destroy 20 billion banknotes? How Indias currency ban is hurting the poor While only available for now in Gurgaon and Bangalore, there are plans to roll out the service more widely. The launch of the cash on demand service is intended to further help our consumers tide over any cash crunch that they might face in addressing their daily needs, Snapdeal co-founder Rohit Bansal said. Snapdeal is charging one rupee fee for the service which is paid at the time of the booking. Customers can get up to 2,000 rupees per transaction after swiping their card through a point of sale machine carried by courier. Earlier this month, online grocery service Grofers started a similar service letting its customers get cash back when they had shopping delivered to their homes. That system is run in partnership with Yes Bank, which has also teamed up with taxi firm Ola to provide mobile ATMs. Indias Prime Minister Narendra Modi announced that 500 and 1,000 rupee notes were no longer legal tender as part of a crackdown on corruption on 8 November. Together the two notes represented 86% of the currency in circulation and there have been chaotic scenes in India ever since, with people have spending hours queuing outside banks and cash machines which often run out of money.