Obtaining new rupee banknotes in India remains a big struggle to his very day. Nearly a month after the cash ban had gone into effect, a lot of residents are still waiting in line outside bank branches. Thanks to Snapdeal, it is now possible to purchase new bills online and have them delivered to a home address. Orders can be placed with debit cards, and there is one rupee commission.
Things have gotten out of hand rather quickly in India. With banks unable to meet the new rupee banknote demand, a lot of consumers are left in the cold. Moreover, there is no improvement in sight regarding the distribution of new notes. But thankfully, SnapDeal has started offering the online sale of these bank notes, allowing residents to purchase cash with their debit card. A rather change turn of events, to say the least.
An Odd Way To Obtain New Banknotes
Snapdeal added the rupee notes to their products they have been offering for some time now. Orders of up to 2,0000 rupees worth of cash can be completed through the platform. Moreover, Snapdeal couriers have portable POS devices, allowing them to swipe consumer debit cards. An interesting tactic, but it also creates a new logistical problem. It is very difficult to distinguish between legitimate Snapdeal couriers, and those looking to steal debit card information.
This new pilot program is only available in a few Indian cities right now. Snapdeal receives a lot of new rupee note from cash-on-delivery transactions. In India, a lot of items ordered online are paid cash on delivery . Rather odd compared to how things are done in the Western world, but over there, it is the norm.
A lot of Indians are now forced to switch to digital payments . For the people who have access to a debit card, Snapdeal is a great alternative. But the rest of the population will have to wait at banks or ATMs to get new banknotes. The rich seem to benefit from the average consumer’s misery once again.
Working around the cash shortage in India has become a puzzle. Banks are experimenting with ATM buses, and it is possible to hire people who will stand in line for you. But all of these ”solutions” only highlight the underlying problem. Banning banknotes overnight was not a smart decision, especially as there was no clear plan of action in place.
All of this financial turmoil can be seen as positive news for Bitcoin. Obtaining cryptocurrency in India with cash is possible, and the trading volume on Localbitcoins continues to go up month over month. But it would take far more convenient solutions to make Bitcoin boom in the country, and the rest of the world.
Header image courtesy of Shutterstock