Wednesday, November 09, 2016

Flipkart and Amazon Stop Cash-on-delivery payment option after Rs 500, Rs 1000 notes banned

PM Narendra Modi announced  that existing 500 and 1000 rupee notes are being demonetised, and they will be replaced by new 500 and 2000 rupee notes. Now Amazon India and Flipkart have Stops CoD Payment Option


. If you are to choose the CoD option on Amazon India, you will get a popup message that reads, “We have disabled CoD for you to save cash for essential payments. Use credit/debit cards, net banking or gift cards to complete your purchase.”
Amazon

Flipkart

 Flipkart shows a similar message on orders over Rs 2,000 — “This payment option is not available for this order. Please try some other payment mode.” There is also a banner on the homepage with the caption — “Paying in cash? We are unable to accept Rs 500 or Rs 1,000 notes, further to the government order.”

Snapdeal, on the other hand, continues to offer the CoD payment option but has a warning for its buyers — “Dear customer, in light of the recent govt mandate – please note that Rs 500 and Rs 1000 notes will not be accepted for your CoD orders.” Kunal Bahl, co-founder and CEO, has already welcomed Modi’s move to stop the use of these notes and believes this is a significant step towards digital economy.  Snadeal has announced 10% INSTANT discount on all orders paid online

Meanwhile, digital wallet players such as Paytm, FreeCharge, Oxigen, among others, are likely to get an instant boost as more and more people would use the option to buy essential items. Paytm, for example, has tied up with several kirana and neighbourhood stores over the last few months to make payments easy for both consumers and the retailers. Several toll booths also accept Paytm and FreeCharge as modes of payments.

Meanwhile, Apoorva Ranjan Sharma, Co- Founder, Venture Catalysts, felt that the recent announcement on discontinuing Rs. 500 and Rs. 1,000 currency notes is a positive step towards embracing the cashless economy in India.

"While the government’s primary objective behind this initiative is to curb black money and overcome corruption, this will also play an active role in the growth of e-commerce as well as give a new dimension to FinTech players. A golden era for FinTech start-ups has started. The move will affect the common man briefly; however, it will bring a revolution in the digital payments ecosystem, urging people to come online," he added.

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