The recent demonetization drive has been appreciated by the industry at large. While there have been political debates on whether the move will help curb the black money menace or not, it will surely demolish fake Rs 500 and Rs 1,000 notes that are currently circulating in the market.
Here is what the industry had to say on the demonetisation of Rs 500 and Rs 1000 notes.
Naveen Surya – Chairman, Payment Council of India & MD, ItzCash:
Industry has positively hailed the change as it is a much called for move. Most importantly nobody including the common man needs to panic in the situation. While on the face, it may seem to infuse chaos, it is only going to better the flow of physical cash within the economy.”
Manish Kumar Gupta, CFO, Panasonic India:
“This step is integral towards creating weeding out unaccounted-for cash. It is a giant leap. Households might feel the brunt due to the likely disruption in the liquidity situation but we hope to see an increase in online transactions.”
Amit Jain, President, Uber India:
It is a bold move from a cash economy to a digital-first one. Considering the unique infrastructure challenges India faces, the government and central bank should consider a waiver on two factor authentication (2FA) requirements for low value transactions. This would make it easier for customers to pay for goods and services online.
Saurabh Vashishtha, Vice President, Paytm:
It is a historic day for India and it re-validates our belief in giving consumers a great experience through non-cash purchases. We will continue to focus on making payment simpler for our consumers.
Rahul Gochhwal, Co-founder, Trupay:
A big chunk of population will move towards digital payments not out of choice but perforce with this bold move by PM Narendra Modi.
Bipin Preet Singh, CEO of MobiKwik:
Within a 50 day period a billion Indians will change their payments behaviour - we will move from cash only to a cash-free economy.
Tejasvi Mohanram, Founder and CEO, RupeePower:
" Sure, there will be some pain & chaos in the immediate short term, but as a country we will look back at this as one of the biggest reform ever."
Anil Khandelwal, CFO, Cox & Kings Ltd:
“This will deal a body blow to non-compliant players in the travel sector. We have never encouraged cash transactions and have always complied with government rules aimed at reducing cash transactions.”
Suresh Sethi, Business Head, M-Pesa, Vodafone India
Vodafone India welcomes the Government’s bold step to accelerate India’s progress into a less cash economy. We reiterate our commitment to actualize the government’s vision through Vodafone M-Pesa that leverages the reach of mobile technology to enable financial inclusion and offers the convenience of a digital wallet for easy transactions. The unique cash out feature of Vodafone M-Pesa makes it the ideal digital wallet for masses, enabling users to digitise cash, remit it to family and friends, pay bills and/or withdraw it at their convenience from over 120,000 touch points across the country.
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