RuPay cards popular among coops
Cooperative banks in Gujarat prefer RuPay cards to Mastercard or Visa, according to a sample survey during a workshop for digital payments in the Ahmedabad. Cooperative banks said that affordability to enable non-cash transactions and human resource bottlenecks are the main reasons why digital payments have not peaked up in rural areas and towns. The workshop was jointly organized by digital solutions company Wibmo and the Gujarat Urban Cooperative Banks Federation. Some 46 officials of 24 cooperative banks in the state participated in the survey. According to director of Wibmo Deepti Mittimani, it surprising that bankers chose RuPay over Mastercard and Visa, considering the quality of services Mastercard offers. Perhaps there is a perception that their services are costlier, which is not the case, she said, adding there might be a feeling that RuPay is an Indian product and, so it should be promoted. J.V. Shah, CEO of the Federation, said lack of options for digital payments by cooperative banks has alienated youths, which is the fastest emerging clientele for the banks. This segment gets diverted to private or public sector banks. Cooperative banks in the state intend to woo this segment with new offerings, he added.