Economy
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The first 7 pages of the Times of India across most editions in the country were full-page ads from these companies.
TNM Staff| Thursday, November 10, 2016 - 09:14

The demonetisation of Rs 500 and Rs 1,000 notes announced by Prime Minister Narendra Modi on Tuesday may have caused chaos and dissent among certain sections, but there is one group that is definitely pleased, e-commerce companies, especially e-wallet platforms.

Companies that deal in online, cashless transactions, are making the best of this move by the government, and are on an advertisement blitzkrieg.

Apps and websites like Paytm, Freecharge, Ola Money and Snapdeal ran full page ads in newspapers like the Times of India and The Hindu urging citizens not to worry about the lack of cash and go 'note-free'.

The first 7 pages of the Times of India across most editions in the country were full page ads from these companies.

 

The Paytm app itself had a photo of Modi, congratulating him for taking "the boldest decision in the financial history of independent India."

Activist and former bureaucrat MG Devasahayam had said on Wednesday, "I feel there is hidden agenda of promoting digital business by pushing people towards cashless transactions available through smart phones. Everyone knows who the beneficiaries are.”

Meanwhile, the government said on Wednesday that banks will remain open during the coming weekend for convenience of people following its decision to demonetise currency notes of Rs 500 and Rs 1,000 denomination.

The government had already announced on Tuesday that while ATMs will be shut for two days, once they reopen on Friday, a person can withdraw up to Rs 2,000 per day through a single card till November 18.

Thereafter, the limit will be increased to Rs 4,000 per day.