New Delhi: Retail industry on Wednesday pitched for necessary banking alternatives for small traders and customers without access to credit card and electronic payment facilities in the wake of the demonetisation of Rs 500 and Rs 1,000 notes.
Observing that there would be some short-term problems due to the government's decision, the top retailers including Walmart India, Future Group and V-Mart said the step should augur well for the future.
"As far as our cash and carry business is concerned, majority of our members are small traders, who largely receive and pay cash for their transactions. They do not accept credit cards nor do they pay by credit cards," Walmart India President and CEO Krish Iyer said in a statement.
"We are very confident that Indian banking system and RBI will work very efficiently to support them with alternative currency notes so that they continue to serve the Indian customers for fulfilling their daily needs," he added.
Iyer, however, said the company gives options in form of payment solutions to its members, including debit and credit cards, cheque, netbanking and digital wallet.
Stating that the government's move has resulted in short- term challenges although it augurs well in the long term, Future Group CEO Kishore Biyani told PTI: "Right now it is chaotic. Suddenly, people have no cash in hand to spend."
When asked about the steps taken by his company to overcome the situation, Biyani said: "We are going to promote debit card, promote digital payment. We are going to promote gift cards."
Welcoming the government's step, Iyer said it "is the most significant and impactful move to curb the flow of black money and to fight corruption".
This is in the long-term interest of the country and will help develop more visible, transparent and formal economy, he added.
METRO Cash & Carry India's MD and CEO Arvind Mediratta said the company supported the government's "historic step to clamp down on black money".
"As a company committed to championing the growth of small, independent businesses, we already offer our customers a plethora of non-cash payment options, including debit, credit, electronic transfers and digital payments, and are working on making mobile payments an additional option," Mediratta said.
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