Demonetisation woes: This online retailer is helping Indians by selling cash

The service costs a mere INR1


Tech Desk December 24, 2016
India has been in a cash crunch ever since the demonetization took place last month PHOTO: REUTERS

Given the cash crunch India has been reeling under ever since PM Narendra Modi’s government demonetised INR500 and 1,000 notes last month, Indians across the country have been struggling to get their hands on cash.

In the midst of all this, an online retailer has been helping people buck the trend by selling the most valued commodity in the country – money.

On Thursday, Snapdeal announced its [email protected] service which lets people in certain cities of India order up to INR2,000 ($30) and have it delivered.

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Economic 'shock' from Indian cash ban to last until March PHOTO: REUTERS

It aims to remedy the nationwide shortage of cash which has left many stranded outside banks and ATMs.

For now, Gurgaon and Bangalore residents can use the service by paying for it using the wallet app FreeCharge or by swiping their debit or credit card in machines delivery boys carry.

They charge only INR1 for the service, quite cheap given the scarcity of cash in the country.

Snapdeal delivers cash they receive from cash-on-delivery orders made by other customers. The retailer has cash in store which it simply sells to those unable to withdraw money from banks.

"The launch of the cash on demand service is intended to further help our consumers tide over any cash crunch they might face in addressing their daily needs,” Snapdeal co-founder Rohit Bansal said in a statement.

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Apart from Snapdeal, others have also taken measures to address the cash crunch. Vodafone, India's second largest telecom operator, has announced a new feature using its digital payments app M-Pesa that allows people obtain cash from stores.

Ola, India's largest ride-hailing service, has also taken a similar initiative by partnering with Yes Bank to deliver cash to people.

This article originally appeared on Mashable.

COMMENTS (1)

SRK | 4 years ago | Reply Good, slowly but surely, India seems to be pulling out of this Jam. All sort of creativity is coming to fore.
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