Hours after the historically redefining announcement by Prime Minister Narendra Modi, decommissioning all Rs. 500 and 1000 denomination currency notes, Mobile wallets and online payment service providers have seized the opportunity to promote cashless transactions by their users to tide over this period.

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Late evening on Tuesday came an announcement which shook the entire nation, the higher denomination currency notes of Rs.500 and 1000 ceased to be legal tender. People who currently possess these notes can deposit them in their bank account either through the teller or the cash deposit machines from 10th Nov to 30th December as banks remain closed for customers today. Customers can withdraw money from accounts in Rs.100 denomination notes starting 11th Nov, Initially a withdrawal limit of 2000 per day from ATM and 4000 per day from banks will be in place which will then be increased to 10,000 a day and 20,000 per week.

While individuals who do not have bank accounts can get the old notes exchanged up to a maximum of Rs.4000 at banks or post offices by showing a valid government ID proof like Pan card or Aadhar card. At this time there is however no restriction on online transactions whatsoever. This is the perfect time for mobile wallets and online payment service providers to market themselves and increase their subscriber base.

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PayTM:

PayTM has started to send out notifications to its subscribers to add money in its wallet to be free from the worry of 500 and 1000 Rs. notes being scrapped. Subscribers who recharge their PayTM wallet with Rs.222 are being offered 25% cash back on the next 5 Uber cab rides up to 13th Nov. It is also offering up to Rs.20 cashback on recharging of Delhi Metro cards for a minimum denomination of Rs.200, along with Rs.150 cashback for bus ticket booking and Rs.500 cashback for flight booking.