Discounts on digital payments: This is how much you actually save

The decision has the potential to boost digital transactions as consumers will be tempted by the discounts. But how much will be the saving for the consumer after the latest announcement?

By: Express Web Desk | New Delhi | Updated: December 9, 2016 11:18 am
digital payments, digital transaction cashless economy, cashless transaction, economy, arun jaitely, cheap fuel, debit card, credit card, demonetisation A 10 per cent discount will be available on use of digital mode for paying for RFID or fast-tags for highway toll.

In a bid to promote the adoption of cashless transactions, the government on Thursday announced several discounts on payments made through digital mode while buying fuel, train tickets and insurance. Waiving service tax on card transactions of up to Rs 2,000, the government also announced 10 per cent discount on use of digital mode for paying for RFID or fast-tags for highway toll. The decision has the potential to boost digital transactions as consumers will be tempted by the discounts.

But how much will be the saving for the consumer after the latest announcement?

Petrol & diesel: A discount of 0.75 per cent has been offered on purchase of petrol and diesel through either credit/debit cards, e-wallets or mobile wallets. So if petrol price in Delhi is Rs 63.47/L the price on digital payment will be Rs 62.99/L. So if you make a transaction of Rs 1,000 for buying petrol, you will get 15.87 litres as against 15.75 litres on cash payment, saving of .12 litres. Similarly, diesel costs Rs 54.28 per litre in Delhi. On card payment, it will cost Rs 53.879 per litre. So if you make a payment of Rs 1,000 on diesel purchase you get 18.56 litres as against 18.42 litres on cash transaction, saving of .14 litres.

Highway tolls: A 10 per cent discount will be available on use of digital mode for paying for RFID or fast-tags for highway toll. So if you are using a two-wheeler on Yamuna Expressway till Agra exit, you pay Rs 175 through cash as toll and Rs 157.50 through card. For car or jeep, the toll charge for digital payment will be Rs 369 against Rs 410 for cash payment, a saving of 41 Rs.

Railways: Online booking of railway tickets will get Rs 10 lakh accident insurance. Those using digital mode to pay for railway catering, accommodation, retiring room will be entitled to a discount of 5 per cent. Monthly and seasonal suburban railway tickets purchased through digital mode will get 0.5 per cent discount. So if you are booking a ticket in Third AC for Delhi to Patna Rajdhani, you pay Rs 1660 at the counter and Rs 1651.7 though online or card payment. You also get the Rs 10 lakh accident insurance. If the pantry car in the train has a POS machine you save five per cent on your orders with card payments.

Insurance: 10 per cent and 8 per cent discount will be offered in case of general and life insurance for buying new policy or paying premium online via PSUs websites.

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