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Wednesday, December 14, 2016

With an eye on the spurt in cashless transactions which will come about after the Government’s demonetisation move, second largest telco Vodafone today launched a special feature on its mobile wallet to enable merchants for receive payments.

“M-Pesa Pay is a new feature which we’re adding on to M-Pesa to enable ease of transactions between merchants and customers. M-Pesa Pay is really a merchants product,” company managing director and chief executive Sunil Sood told reporters here.

He said the feature works like a substitute for the capital-intensive point of sale machine, and merchants will have to download the application once, which can help them do cashless transactions with customers swiftly.

Vodafone’s mobile wallet M-Pesa has been in existence for many years now and is also one of the 11 entities chosen by RBI to launch a Payments Bank. Sood said it has 8.5 million customers, who did transactions of Rs 860 crore in September 2016.

The Government’s surprise move to scrap high denomination currency on November 8 has led to an increase in the alternative cashless transactions using the digital channel.