Telecom giant Vodafone has announced the launch of Vodafone M-Pesa PAY on Tuesday. M-Pesa PAY is a digital payment solution for retailers and merchants to receive cashless payments from customers. This move from the telecom operator is another initiative towards digital payments drive in India. Many new schemes and digital payment methods were observed in the country with the recent demonetization effect.
Vodafone says that the merchants and retailers should download the Vodafone M-Pesa app in their mobiles for using it. The app offers payments and money transfer options to users for a while, and then they register themselves as a merchant. The app also allows merchants to notify individual customers to make payments. Customers also get a notification which let them make payment with their bank account, wallet balance, debit card or credit card.
“With the launch of Vodafone M-Pesa PAY, we are accelerating this journey by creating a platform for merchants and retailers to easily embrace digital payments and also encourage their millions of customers to pay via digital currency,” says, Sunil Sood, MD & CEO at Vodafone India. “The Hon’ble PM has set forth the vision of a Digital India and a less cash economy. As a responsible corporate citizen, we are fully committed to playing our role in fulfilling this vision.” Sood added.
Commenting on the launch, Sood also explained few more things in detail about the app. Vodafone has started its journey towards enabling financial and digital inclusion back in 2013. The company has successfully established a franchise of more 8.4 million customers and nearly 130000 outlets across India.
The Reserve Bank of India (RBI) increased the limit on e-wallets to Rs 20,000 from Rs 10,000 last month. The limit is extended up to Rs 50000 for merchants and up to Rs 1 Lakh for consumers who have given their KYC details.