Towards a Digital Economy: ITC's initiates to promote cashless transactions

New Delhi [India], Apr 28 (ANI-BusinessWireIndia): The Ministry of Electronics and Information Technology, Government of India, spearheaded a number of initiatives to promote digital payment solutions and cashless transactions in line with the Prime Minister's Vision of creating a "Digital India."

Encouraged by the Ministry, ITC implemented several initiatives to usher in cashless transactions through its extensive distribution network for its consumer goods as well as its widespread rural engagement through the ITC e-Choupal infrastructure.

"I am delighted to learn that ITC has decided to extend one percent discount at the ITC ChoupalSaagars on the purchase of its products through digital payments. It will go a long way in boosting digital payments drive and creating a stronger and more transparent economy.

I hope other companies also initiate such measures and make India a vibrant digital economy of the world" said, Ravi Shankar Prasad, Minister for Electronics and IT and Law and Justice.

The rural and agricultural sector forms a significant part of the Indian economy. ITC's e-Choupal programme, which has empowered over four million farmers to date, had pioneered digital engagement in rural India over two decades ago when the Internet itself was not as widespread as it is today.

Post the Government's bold initiative to promote digital and cashless transactions, ITC leveraged its e-Choupal network to provide a further fillip to the 'Digital India' movement. ITC e-Choupal eco-system, which provides farmers access to information on best farming practices, price discovery, weather and crop conditions, also includes the ChoupalSaagar - an integrated rural hub comprising agri collection and storage facilities and a unique rural hypermarket, offering multiple services under one roof. ITC has set up 23 ChoupalSaagars across MP, UP and Maharashtra that engage with about 4.5 million rural consumers annually. Till 2016, transactions were primarily cash-based, requiring significant involvement of manpower, time and cost.

All the ChoupalSaagar stores and the attached fuel stations are now equipped to facilitate cashless transactions, including through payments by debit/credit cards of all major banks. Smart Fleet, a fleet card facility provided by Bharat Petroleum for fuel purchase in cashless mode, is also available at all fuel stations operated at ITC ChoupalSaagars.

Following demonetization, several initiatives were taken to encourage customers and create extensive awareness to move towards cashless transactions across ITC's network of ChoupalSaagars. As a result, cashless transactions at ChoupalSaagars increased from eight percent to 21 percent post demonetization.

Some of the key initiatives taken to promote cashless transactions include:

-Awareness mobilization through six lakh SMSes sent to customers, informing them of the cashless transaction facilities and encouraging digital transactions.

-Extensive campaign on digital payments undertaken through leaflets and in-store promotion in the form of banners and standees.

-Digital payment modes of Paytm and BHIM have been made available in order to offer a wider choice to consumers.

-Offer of one percent discount to customers on purchase of ITC products

through cashless mode at the ITC ChoupalSaagars.

-Awareness camp conducted for over 1,000 farmers at Sehore in association with KrishiVigyan Kendra on ease of using card-swiping machines.

-Additionally, ITC also proposes to collaborate with select partners to promote a digital mindset through ChoupalHaats (rural marketplaces), which will also cover women and youth, and engage with farmers at ChoupalPradarshan Khets.

In addition, ITC's Trade Marketing and Distribution Network, which services over two million retail outlets across trade channels in 1,00,000 markets, made significant efforts to promote digital payment habits among its trade partners by encouraging the distributors and associates to move to cashless solutions.

Through the branches, sensitization was also made on UPI (unified payments interface) to impart knowledge on cashless transaction procedures. (ANI-BusinessWireIndia)