Monday, December 12, 2016

Special Incentives to encourage Digital payments at PSU petrol pumps – UPI not enabled!!

The positive effect of Demonetisation

          # Demonetisation, #Cashless

          Indian Oil Corporation Ltd has released a Press Release on December 12th, 2016.

          The Press Release starts with highlighting the number of initiatives taken by Government of India to move our countrymen towards cashless society.

One of the initiatives is to promote cashless transactions at PSU Petrol Pumps through  0.75% discount when a customer uses Debit / Credit Cards, Mobile Wallets and Prepaid Loyalty Cards.

This 0.75% discount is to incentivise petrol / diesel customers to transact through CashLess modes at PSU petrol pumps.

The best part is that this 0.75% discount is applicable to Debit / Credit Cards, Mobile Wallets and Prepaid Loyalty Cards transactions.

The above would come into effect from 13.12.2016, 00.00 hrs.

This amount of discount will be credited to customer’s account by way of cash back within maximum three working days of the transaction.

Tomorrow morning I will be going to my nearest PSU  Petrol Pump, fill up my petrol tank, and pay through my debit card.

And, in another three days, will see the cashback credit in my Bank Account statement. Wonderful isn’t it?

As of now, transactions through UPI are not eligible for CashBack. Trust in the near future, UPI transactions will also be eligible for CashBack.

One interesting aspect of the program is that the CashBack is eligible for prepaid cards too. This means that large consumers like Travel companies, Corporates, Educational Institutions drivers will now demand their management to provide them prepaid cards.

Isn’t this brilliant?