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Oil companies tie up with mobile wallets
While most of the users continue to rely on credit, debit cards or prepaid card (offered by oil companies) for cashless mode of transactions, the ‘mobile wallets’ are being used increasingly and would help in better access to cover most of the consumers, the oil companies claim.
Hyderabad: Maximum number of ‘mobile wallets’ have entered into an understanding with oil companies. Currently 13 Apps including Paytm, Mobikwik cover nearly 80 per cent of urban and 60 per cent highway (rural) petrol pumps in the State. The mobile wallets are apart from POS machines which have come in handy for transactions. Oil companies are now trying to reach a target of about 80 per cent soon.
While most of the users continue to rely on credit, debit cards or prepaid card (offered by oil companies) for cashless mode of transactions, the ‘mobile wallets’ are being used increasingly and would help in better access to cover most of the consumers, the oil companies claim.
Currently, the Oil companies have tied up with Freecharge, JioMoney, State Bank Buddi, mRUPEE, Ola Money, Airtel Money, Citrus Pay, The Mobile Wallet (TMW), PayUmoney, Atom, Oxigen, Mpesa, besides top service providers Paytm and Mobikwik. “We have tied up with most of the service providers. All the petrol pumps in Telangana would be covered under ‘cashless’ scheme by end of December or first week of January, as we are roping in most of these companies” said a higher official, representing Oil companies in the State.
There are 2,800 petrol pumps throughout the State and out of them 700 are in Hyderabad. Officials claimed that most of the petrol pumps in City have already turned ‘cashless,’ while the remaining on the highways were being encouraged to adopt the method. Interestingly, because of the load generated in ‘data capturing’ some of the major players lost to lesser known Mobile Wallet companies. Hence, the priority which was directed towards top companies was shifted to others for ensuring that petrol pumps turn ‘cashless’ at the earliest.
It is being acknowledged that some kind confusion is also created as all ‘Mobile Wallets may not be accepted at all petrol pumps. This problem can be resolved if all mobile Wallets are aggregated under single umberella, named as Verifone. For instance some Oil Corporations have tied up with this aggregator. “The decision of tying up with the Mobile Wallets is taken at national level. The priority now is to tie up with the aggregator, so that the customer does not face any inconvenience in transferring cash,” added the official.
