Demonetisation: Chandigarh residents rush to cash in on virtual currency

In the last 24 hours, Paytm, Freecharge and Mobikwik have registered an overload of traffic.

Written by Jaskiran Kapoor | Chandigarh | Published:November 12, 2016 5:10 am

Demonetisation, e-wallet, digital wallets, virtual currency, Paytm, Mobikwik, Freecharge, Chandigarh news, India news, latest news, indian expressEver since the government kickstarted its demonetisation drive by banning Rs 500 and Rs 1000 currency notes, it’s the e-wallets that have swung into action, making lives easier with cashless/electronic/mobile payments. Be it Paytm, Mobikwik, Freecharge, PayZ, Chillr, net/mobile banking or Trest coins from Trestor, Chandigarhians are busy cashing in on their virtual currency.

Watch What Else Is Making News

“Whether it’s a corollary to the Digital India campaign or vice versa, but last two days especially have seen a huge surge in the e-wallet market with people resorting to cashless transactions,” says Gurpreet Singh, co-founder of Trabug, a mobile travel app.

In the last 24 hours, Paytm, Freecharge and Mobikwik have registered an overload of traffic. While Mobikwik has logged a 40 per cent increase in app downloads, Freecharge has seen a 12-time hike in their wallet balance and Paytm a more than 400 per cent traffic increase (courtesy moneycontrol.com). Paytm also introduced the ‘nearby’ feature which will enable customers to get information about their nearest Paytm merchant. A new ‘add cash’ feature allows customers to find the nearest points such as ICICI & Axis bank branches where they can get cash loaded in their Paytm wallet. Freecharge and Snapdeal have also announced ‘wallet-on-delivery’ — a cash on delivery but through the Freecharge wallet.

After the government’s announcement, Harpreet Minhas, executive director, The Indus Entrepreneurs, has now taken to the e-wallet. “The future is going cashless, it’ll make transactions easier and I am going to use it,” says Minhas.

Kunal Dixit, founder of Trestor Infotech Pvt Limited team, has been bombarded with calls from people who would like to purchase Trests with their 500 and 1,000 rupee notes. A blockchain start-up, Dixit’s company has created “Trests” — a blockchain-based secure, digital, store of value — similar to bitcoins. “We have decided to limit Trest purchase per person to Rs 90,000 and we will keep a copy of the government-issued ID of the purchaser,” says Dixit.

It’s a while since Sunali Aggarwal has been using e-wallets for her daily transactions. Be it bill payments, catching a cab or transferring micro payments as small as Rs 100, the e-wallet has been her friend in need. So clearly the demonetisation news did not see her hit the panic button.