• From today, avail 0.75 per cent discount for cashless refuelling

    Consumers will get the promised discount on cashless fuel purchases at petrol pumps run by state oil companies from Tuesday.“The discount will be credited to customer’s account by way of `cash back’ within maximum three working days,“ Indian Oil Corp, the nation’s largest fuel retailer, said in a statement on Monday.

    Last Thursday , the government had directed state-run oil companies to offer a 0.75% discount on the price of petrol and diesel to consumers paying by cards or mobile wallets to push people towards digital payments in the face of a severe cash crunch brought on by the demonetisation of Rs 500 and Rs 1,000 notes.` So, a person purchasing fuel for Rs 1,000 using credit and debit cards or wallets will get . 7.5 back in his account in ` three days.

    Oil companies decided on the `cash back’ route after four days of talks with banks and wallet companies. They had also considered an upfront discount to those paying digitally, but this seemed difficult to implement.

    Cash back is an often used method by card and mobile wallet companies to persuade consumers to use their services.

    The discount on fuel purchase is one among the many incentives the government has introduced recently to make people adopt digital means of payment even as banks struggle to meet customers’ cash demand.

    Nearly 4.5 crore customers buy petrol or diesel every day and collectively contribute about Rs 1,800 crore in transactions. Usually, just 20% of these transactions are digital, but in November, these have risen to 40% of the total due to the cash crunch. Brayden Point Authentic Jersey

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