Pune, December 2016: In one of the historical reforms of the economy of India, Rs 500 and Rs 1,000 notes were banned effective November 8, midnight. This was one of the boldest movements by Prime Minister, Shri Narendra Modi announced over a 40-minute speech. The majority of industry and commoners alike reacted to this decision with overwhelming support. Whereas some sections are of the opinion that this scheme is going to impact the small businesses, traders and the aam admi.
With the new limits on ATM withdrawals being restricted to Rs 2,000 per day, withdrawals from bank accounts limited to Rs 10,000 a day and Rs 20,000 a week, small businesses are embracing card transactions that will slowly replace the cash transactions in daily activities.
The company has seen a tremendous response with 6,500+ signups. ftcash enables payments using credit card, debit card and various wallet transactions with a fees as low as 1%. ftcash was recognized by Forbes as one of the fast growing financial technology company which empowers small businesses and retailers with the power of cashless payments and loans only using a bank account and feature phone.
In this rather difficult period, merchants are pleased that they don’t need to buy any additional hardware therefore enabling mass adoption. The company has the fastest registration process which takes less than 5 minutes and there is no upfront cost or monthly rental. The platform is solving a critical problem by allowing merchants to continue with their businesses immediately rather than waiting for currency circulation.
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2014 The Global Indian New Network (TGINN)