New Delhi [India], Nov 16 : In the midst of the recent demonetization of Rs. 500 and Rs. 1000 bank notes in India, auto-rickshaw aggregator Jugnoo has registered an increase of up to 80 percent cashless transactions across all locations via its platform.
Ever since Jugnoo launched the auto rickshaw aggregation service in 2015, Jugnoo has championed the cause of 'Digital India' by promoting use of digital wallets for cashless transactions across the cities that's it operates in.
The top five cities where Jugnoo has registered the highest number of cashless payments post the demonetization announcement are: Gurgaon, Mysore, Chandigarh, Noida, and Pune.
These cities have recorded 100 to 150 percent spike in digital transactions. Apart from digital wallets, Jugnoo also recently announced that it would be introducing UPI (Unified Payment Interface) as an initiative to uphold the cashless economy of country.
Earlier this year, the company took another step in this direction via a very innovative move of empowering auto-rickshaw drivers to recharge the customers' Paytm wallet to address the issue of returning change after completing the ride.
Further supporting the cause, Jugnoo is also planning to tie-up with Payment banks, a new model of banks conceptualized by the RBI (Reserve Bank of India) last year that enable transfer of money through a mobile phone.
"We welcome the government's move to demonetize high denomination currency in an effort to curb the entry of black money in India, and by extension, encourage the masses to go digital.
It provides convenience and eliminates the cash handling process," said Co-founder and Chief Technology Officer Jugnoo, Chinmay Agarwal.
"We are educating our customers to use digital payment wallets as much as possible instead of cards or cash, and are encouraging them to use such options on a permanent basis," added Chinmay Agarwal.
"We have informed all our drivers to stop accepting cash till further notice, and are also educating our customers to use digital wallets as much as possible instead of plastic cards or cash," he further said.
The most common digital wallets that are being presently used by Jugnoo users to make payments are Paytm, Mobikwik, and Freecharge.