Tuesday, February 2, 2016

OMCs should collaborate with wallet companies and payment banks

Several years ago I remember the government tried to introduce card reading machines at petrol stations and they were not a huge success due to cumbersome procedure. Its probably time to revisit the idea but with slight change in modality.
Oil Marketing Companies can easily convert a major portion of their sales into cashless transactions. I usually go to the nearest petrol station to get change for five hundred or thousand rupee notes. It once occurred to me how much of cash transaction all these petrol/diesel sales generate and the added work of managing the cash. With increasing use of smartphones, a majority of whom have wallets, Is it not good if such people are offered cashless transactions by using their wallet?


A QR code scan would be all that would be needed, to pay to the fuel service station. Some sort of pull transaction may also be made where the vehicle owner/service station personnel enters an email id or mobile number and gets a request for payment in the payer's wallet application. Then on-wards a simple password authentication is all that is needed to drive away.
It should be even possible for people to pay ahead of time for the fuel and just drive away after the fill.

1 comment:

  1. This article talks about the same thing.....
    http://cio.economictimes.indiatimes.com/news/corporate-news/indian-oil-in-partnership-with-paytm-for-e-payments-at-petrol-stations/50901365

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