Equitas dreams of cashless Chengalpet

By NT Bureau Published on Mar 31, 2018 02:25 PM IST

Chennai: The first private sector bank from State post-Independence, Equitas Small Finance Bank, launched a first-of-its-kind project in India ‘Digi-Chengai’, a project initiated to transform Chengalpattu towards a less cash economy by enabling digital payment solutions.

The initiative is in line with the Central Government’s dream of 'Digital India' to move towards a less cash economy adopting digital payments.

Equitas offers variety of digital services such as POS (Point of Sale) at merchants, QR (Quick Response) based acquiring, payment solutions, net and mobile banking, mobile top-ups, corporate net banking.

This Digital Transformation of Chengalpattu Town is aimed to enable large number of residents to transact through their neighborhood outlets using digital payments technology.

Elaborating on the initiative president and country head, Equitas Small Finance Bank, Sanjeev Srivastava, said, "At a time when our country is striving to revolutionize the landscape of electronic payments and reduce the usage of cash in the economy, it is indeed our responsibility as a bank to extend our digital offerings to towns and villages. Our vision is to empower Indian households through financial inclusion.

There is no investment or any rentals involved in enabling 'scan and pay'. Merchants can increase their revenue and need not miss out any customer and eliminate the problem of loose change which (is) a major concern between customers and merchants.

We hope to emerge as the digital leader in the banking space and use this to promote financial inclusion of the underserved segment in the country over time."