The Tenhipalam Cooperative Rural Bank at Tenhipalam near Calicut University has made yet another bold and innovative move by introducing e-payment for all its customers in local markets and shops.
The e-payment method, introduced through a mobile application called Coopaisa, has brought great relief to hundreds of farmers and ordinary people having accounts at the bank.
The bank has tied up with shops, autorickshaws, taxis and even fish vendors so that its customers can buy goods and get service without having to pay any cash in currency. Instead, the purchase or service amount will be deducted from their account.
“The response from people has been tremendous. Even when they get service and goods through our Coopaisa e-payment method, they are made to rest assured that their money in the cooperative sector is secure,” said bank president Pradeep Menon.
“Each one of us in the cooperative sector has the responsibility to regain the trust and confidence of the people who deposited their money with us. The demonetisation has shaken that trust. This is our simple method to regain that trust,” said Mr. Menon.
People were seen travelling in autorickshaws and buying fish from sellers using the Coopaisa application. Using their mobile application, they scan the bar-code posted in autorickshaws and fish market, and the amount is immediately deducted from their account. “Those not conversant with the Coopaisa application were given a one-time pin (OTP) with which they could make the transactions for any local purchase,” said Sreejit Mullasseri, coordinator of the scheme. More shopwners and autorickshaw drivers have offered their willingness to cooperate with the bank.
“I’m sure this service will be a great boon for the ordinary people suffering from the currency crisis,” said Mr. Sreejit.
