How can hawkers and street vendors go cashless

Demonetisation has severely affected the business down Indian streets. While big or organized retailers are already ensuring sales through credit cards or debit cards, hawkers and street vendors are not able to find ways to get their business going. Street sellers, small kiryanawallas, reriwallas, fruit sellers, tea-stall owners and many such are going through the worst. People do not have cash to buy from them. In markets the propensity to pay in cash has fallen by 50% post the demonetisation. However, all is not over for small sellers. Simple use of digital technology on their mobile phones can help them to run their business as usual.

Today mobile wallets have gained a lot of importance in the past few years in India. However, after the Note-bandi, mobile wallets or e-wallets have proved to be saviors for several vendors and shopkeepers. In some cases, chaiwallas and street vendors are also making use of e-wallets. If you are a small vendor, fruit seller, kiryanawalla or hawker and haven't yet used the mobile wallet, you have many choices. You can easily create an account using either PayTM, MobikWik, Oxigen, Razorpay and others. Mobile wallets can play a major role in transforming your business. They allow you to transfer money to other accounts and are also secured.

Paytm: Paytm is the most commonly used mobile wallet as it helps people to shop, travel, pay bills etc. It lets you send money to anyone with a mobile phone number or transfer money into any bank account. The wallet can easily be topped up using networking, credit card, debit cards and IMPS merchant payments. Its wallet partner includes BookMyshow, Uber, Makemytrip, etc.

Mobikwik: Mobikwik is a mobile wallet with a strong offline presence. It helps to recharge mobile phones and pay bills. It also offers to transfer money to friends and family. It's recent "nearby feature" has helped users in identifying shopping and food outlets. Since demonetisation, many people have downloaded this app as it also shows the cash deposit locations around them with this feature. This app also offers doorstep cash collection service making it easy for users who do not have access to bank account.

Airtel Money: Airtel Money is another kind of a mobile wallet which has become popular in recent times. One can send money, pay bills or recharge and pay for the shopping. It is convenient and easy to use. Payment transactions are secured as each transaction is confirmed with your PIN code. This app gives exclusive offers and discounts. Any Indian citizen can have one account in his name. The app lets you split the expenses with yor friends while shopping, eating etc by entering their phone numbers.

Oxigen Wallet: Oxigen Wallet also let users recharge mobile phone bills, pay electricity bills, shopping online etc.Users can receive and send money with another Oxigen wallet or directly to a bank account. It can transfer money instantly and with ease. The Oxigen wallet can have a maximum of INR 10,000 per month.

Chillr: This mobile app is available exclusively for HDFC customers. This app lets you send money to anyone 24*7 without any hassle of adding beneficiaries. One can easily split money with friends, recharge mobile, data cards and DTH. Though other bank customers can receive money using the app. The user first has to enable the account via net banking or mobile banking. Soon the app will allow people to pay at online and offline stores.

Retailers can download anyone of the above wallets and go cashless in simple steps. These wallets can help them ease their business. It is the era of digitalization and one has to be updated to compete in the market.