Digital payment solution PayPhi, a product of Phi Commerce Pvt. Ltd. announced a strategic initiative that seeks to transform how consumers pay for LPG cylinders.
Cash has been the most predominant mode of payment for refills of LPG cylinder. In a move with far-reaching consequences, HP Gas consumers will have the opportunity to adopt one among several cashless payment options for paying for their LPG cylinder.
Cashless payments will not be restricted those who have cards, wallet and access to net banking but to anyone who has a bank account. Payments can be made using Aadhaar, UPI or BharatQR. The solution does away with need of mPOS as it is tightly integrated with the HP Gas delivery application.
To make payments, consumers have to simply provide their Aadhaar number and finger print at the time of delivery.
Fiscal year of 2016-17 witnessed a record growth of 9.8 percent in LPG sales. As many as 111.3 crore cylinders were sold in 2016-17. The subscriber base in rural India is expected to swell further with the success of Government of India initiatives like the Pradhan Mantri Ujjwala Yojana.
"Paying for LPG cylinders with cash has for long been a pain point for consumers, gas agencies, and also for the OMCs. Now consumers do not need to keep cash at home waiting for the time of cylinder delivery and gas agencies do not need to waste time and effort in reconciling cash. This has the potential of spreading the digital payments wave to millions of people from India's interiors and this is what will help create the next wave of digitally empowered citizens," said Jose Thattil, Co-founder, and CEO of Phi Commerce.
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