You may soon pay for your petrol/diesel through BHIM UPI

-



          NPCI has kick-started a major LessCash Drive in 2500 fuel stations spread across India’s 100 Smart Cities.

The primary aim of this Drive is to motivate the Oil Marketing Companies customers to pay for their fuel through BHIM UPI and cards.

          The secondary aim is to increase the share of digital transactions vs cash transactions at the targeted fuel stations.

          Both   UPI VPA and Card POS terminals are open based, i.e payment via UPI or at Card POS terminals can be done with any participating bank account card and not locked to any respective bank account.

          The Fuel Pump owner can have an account with any UPI Acquirer Bank, it does not matter to the paying customer.

Similarly, the fuel pump owner can have a POS terminal of any card acquiring bank.

NPCI to promote   BHIM UPI and RuPay may offer additional CashBack to customers routing their payments through BHIM UPI or RuPay.

Of course, other 3rd party UPI APPS may up the game with a higher CashBack. In the long run, as ‘Safe Digital Transactions’ zoom, the payment channel does not matter.

Quote
NPCI has collaborated with Oil Marketing Companies to enable cash-less transactions at fuel stations across locations. More than 2500 retail outlets in 100 smart cities will be covered for promoting digital payments through BHIM UPI and cards
UnQuote

Oil ministry data showed that 18,852 outlets were added between 2011 and 2017

Of the 60,000+ fuel stations in India, 55,000+ are owned by State owned oil marketing companies.

India Oil Corp (IOC) owns and operates 26,489 petrol stations.  Hindustan Petroleum Corp Ltd (HPCL) is the second biggest fuel retailer with 14,765 outlets. Bharat Petroleum Corp Ltd (BPCL) owns 14,161 outlets.

Private sector too operates fuel stations and the major players are Reliance Industries with  1,400 outlets followed by  Royal Dutch Shell with  90 outlets.

All the Oil Marketing Companies have their own Perpaid Cards, which offer Loyalty Programs to the participants.  These Prepaid cards are primarily targeted at Fleet Operators.

However, there is a still a vast market to be tapped for ‘Safe Digital Transactions’, at fuel stations.

Additional Reading:
01) Government clears safety doubts on mobile phone use at fuel pumps




Comments

Post a Comment

Popular posts from this blog

CERTIFICATE EXAMINATION IN INTERNATIONAL TRADE FINANCE

-
Image
          This certification is essential for all members of a Bank Trade Finance Department.   The syllabus covers key aspects required by team members to effectively discharge their duties. Trade Finance is one of the traditional forms of bank finance in India. In view of reforms and liberalisation, this has gained a new significance.   Many of the practices in trade finance have evolved over a period of time and some are guided by Ministry of Commerce and Reserve Bank of India, besides WTO and International Chamber of Commerce through UCPDC 600. With the increase in the volume of trade both domestically and internationally, there is a need for trade finance professionals from banks as well as corporates. The Objectives of this IIBF Examination is as under:   (i) To provide candidates with competencies required to function as trade finance practitioners. (ii) To enable candidates to possess the ...
Read more

IIBF-Certificate Examination in Foreign Exchange Facilities for Individuals

-
          The primary objective this IIBF course is to make the branch officials familiar with the FEMA provisions that impact their day to day functioning at the branch level.     This exam is being introduced pursuant to the recommendation of a committee of RBI.           Normally foreign exchange transactions pertaining to individuals are handled at branches only and are not referred to specialised forex cells.           The course covers ‘Foreign Exchange Facilities for individuals under FEMA1999’ RBIs FAQs’ on Forex Facilities for Residents (Individuals) (updated up to November 21, 2014) For full details refer to Reserve Bank of India website: Introduction : The legal framework for administration of foreign exchange transactions in India is provided by the Foreign Exchange Management Act, 1999. Un...
Read more

IIBF introduces Self-Paced E-learning courses (SPeL) for its two certificates

-
Image
          Indian Institute of Banking Finance (IIBF) has taken a quantum leap in disseminating knowledge to its members and non-members.           IIBF in April 2019, introduced the Self-Paced E-learning courses (SPeL) concept for banking enthusiasts to be familiar with banking concepts.           In the first stage, IIBF has launched   two certificate courses i.e 1. Digital Banking and 2. Ethics in Banking.           The objective of this self-paced e-learning mode are as follows: • Participants can make the best use of his or her time, in order to meet his or her learning objectives. • Participants can access the course   anywhere/anytime with an internet connection. • Participants need not travel to give their examinations. It saves time and money of the participants. ...
Read more