New Delhi: Mobile wallets like Oxigen, Mobikwik and Unified Payment Interface-based (UPI-based) app Trupay are currently in talks with several state-owned and private petrol pumps to capitalize on the recent ban on the use of old Rs500 notes at these fuel outlets. The plan is to ensure payments through digital solutions, including micro-ATMs, mobiles and Quick Response (QR) codes.
“We are planning to roll out the recently launched Mobikwik Lite app in several petrol pumps across various cities. In the next seven days post the ban, top 10 cities in terms of population will be targeted .The facility will be extended to the top 50 states in the next 25-30 days,” said Bipin Singh, founder and chief executive officer of Mobikwik.
Mobikwik launched the lighter version of its mobile application ‘MobiKwik Lite’ last month to boost its network of small merchants. A customer can scan the QR code available at the petrol pump and then use the app. This will direct the user to a payment gateway to make payments through net banking, UPI and other wallets, among other options.
Trupay, the financial app using UPI, is also coming up with a solution. “In case a petrol pump does not want to have a point-of-sale (PoS) machine or a micro-ATM, flexibility will be given to them. They can view and access Trupay’s merchant based dashboard on their computer or through their phones. The last option will be based on QR code,” said Vivek Lohcheb, co-founder at Trupay.
Petrol companies like Indian Oil Corp. Ltd (IOCL), Hindustan Petroleum Corp. Ltd (HPCL) and Bharat Petroleum Corp. Ltd (BPCL) are already running a pilot with Oxigen to carry out cashless transactions. Under this, fuel payments at petrol pumps are being made and micro-ATMs have also been deployed. Till now, micro-ATMs were used to collect old notes by customers and deposit them into their Aadhaar-linked bank accounts. From now on, other digital payments will also be processed through them.
The government banned the use of old Rs500 notes at petrol pumps and airline counters from 3 December. Initially, toll payments made on highways was also part of this ban, but that has been removed. The toll plazas will now accept old notes till the midnight of 15 December, but only if the toll fee exceeds Rs200.
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The 15 December deadline is also there for payments at government hospitals and pharmacies, railway ticket counters, purchases at consumer cooperative societies, milk booths and for payment of court fees, among others.