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8 start-ups that are cashing in on demonetisation

02-December-2016
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8 start-ups that are cashing in on demonetisation

Prime Minister Narendra Modi’s demonetisation move has made a number of start-ups put on their thinking caps to come up with interesting features to ease the woes of consumers reeling under cash crunch.

While Cash No Cash from Quikr and CMS ATM Finder are providing information about the nearest ATM which has cash and the ones without, Scootsy allows the consumers to ‘Pay later’ so that consumers can save on their limited notes. Gupshup is helping the consumers by allowing them to clear their doubt through their Facebook messenger based bot and Book My Chotu allows one to hire a helper who can stand on their behalf in the ATM and the bank queues.

Here are few interesting start-ups which are in the news because of demonetisation:

Cash No Cash (Quikr):

Classified site Quikr created a website called Cash No Cash which relies on the crowd sourcing model to provide information about the nearest ATM which has cash and the ones without. It is currently available in an Android and IOS version.

CMS ATM Finder:

Working on the similar pattern as Cash No Cash, this app also lets customers find if a nearby ATM is working or has run out of cash. Customers have an option of updating the list.

The problem however, with both these Apps is that since most of the data feed is crowd sourced; there is often a question on how accurate the information is.

Scootsy:

Delivery and discovery app Scootsy has introduced a new feature ‘Pay Later’ to tackle the problem of giving change, which people are currently facing. This new feature will allow the customers to order things, but they can pay later which will allow them to save the money for anything urgent. A reminder about the payment will be sent to the customer after 15 days.

Tailmill:

A Noida based website Tailmill is making home deliveries of cash up to Rs 1,000 per day to customers in valid currency notes. However, a user is eligible for cash delivery only on ordering groceries through a company,Tailmill has partnered with. To get cash delivered, customers need to pay Rs 1,000 plus the product cost.

Jugnoo:

Post demonetisation, auto-rickshaw aggregator Jugnoo apart from promoting cashless transactions with the use of digital wallets, has also recently announced that it would be introducing UPI (Unified Payment Interface) as an initiative to uphold the cashless economy of country. Earlier this year, the company took another step in this direction by empowering auto-rickshaw drivers to recharge the customers’ Paytm wallet to address the issue of returning change after completing the ride. Further supporting the cause, Jugnoo is also planning to tie-up with Payment banks to enable transfer of money through a mobile phone.

Book My Chotu:

Delhi-based start-up Book My Chotu is offering ‘first on- demand helper booking’, which provides ‘chotu’ or helper who would wait in the long- ATM or bank queues. The charge for standing in the queue starts from Rs 90 for an hour, Rs 170 for 2 hours and can go upto Rs 550 for 8 hours.

Gupshup:

The after effect of demonetisation has caused a lot of panic in the minds of the consumers, with many getting only half-baked information. In order to tackle this, Gupshup, the bot builder platform has come out with a Facebook messenger based bot called ‘New Money’ which is focussed on providing actionable information regarding currency exchange. It can provide quick answers to queries like how does one exchange the notes, deadlines involved, id proof required, where can old currency be used, ATM withdrawal limits– and a lot more.

Lucep:

Singapore and Bangalore based start-up has introduced an SMS based service for virtual queues, which banks could use for free. A customer is required to send an SMS to a number and receive a queue ticket from the bank. Then he/she can land up at the bank or ATM just before their turn. This to mitigate the hassle of customers who stand in the line for long hours and then return home dejected when the bank or the ATM runs out of cash. 

Tags demonetisation start-ups Prime Minister Narendra Modi

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