OMCs Eye Over 50% of Retail Sales in Cashless Mode by March

OMCs Eye Over 50% of Retail Sales in Cashless Mode by March

Bharat Petroleum on Monday said cashless transactions at its outlets have jumped to 26% after November 8 when high value notes were banned, from 10% time before and expects at least half of all transactions to turn cashless by March.

Retail sale of oil products — petrol, diesel, CNG/PNG and LPG — in volume terms account for around 7.3 trillion transactions per annum, according to BPCL. “We hope by end March, all the state-run oil marketers expect over 50% of the retail transactions to be in cashless mode carried out through loyalty cards, debit/credit, e-wallets, or even NEFT etc. After the demonetization announcement on November 8, non-cash payments have crossed 26% at our pumps,” BPCL executive director (retail) George Paul said here today.

Towards achieving this target, BPCL today tied up with SBI, HDFC Bank, and some other major banks to install PoS terminals apart from joining hands with Paytm, FreeCharge, Oxigen, Reliance Jio, SBI Buddy, and Fino for enabling mobile-wallet transactions at its retail outlets. Paul said the three state-run oil marketing companies together have 5,3000 pumps and over 78,000 LPG agencies. These outlets together clock daily transactions worth Rs 500 crore (petrol), Rs 450 crore (diesel & CNG) and Rs 50 crore (LPG), which in volume terms work out to be 7.2-7.3 trillion transactions per day. Read More…

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