Afte partnering with Ola to ensure doorstep cash-on-demand,Yes Bank has tied-up with e-grocer Grofers in allowing customers to get cash of up to Rs2,000 if and when they order grocery online, via Grofers. The service has started inMumbai, Gurugram and Bengaluru as of today. The only caveat for the customer is that they will need to buy groceries worth a minimum of Rs. 2000 and will have to pair a special code to get the cash. Other cities will be added to the list very soon. The move comes after the prolonged birth pangs following demonetisation.
In a statement to the Indian Express, Yes Bank representative said,”Grofers, the on-demand e-commerce mobile and web application, is opening up a new avenue for people to get cash delivered at home, by partnering with Yes Bank.” The same report also quoted Ashneer Grover, Chief Financial Officer, Grofers as saying,“We cannot today eliminate the need of currency notes as people sometimes require them for other reasons. This is our attempt to help customers. Grofers delivery executives will carry PoS (Point of Sale) machines (powered by Yes Bank) where customers can swipe and get cash within the comfort of their homes.”
Asit Oberoi, Group President, Transaction Banking Group, Yes Bank stated that as Yes Bank was embroiled in an endeavour to enable more convenient transaction systems and greater instances of payments by card on delivery, it was only natural that the bank would try and bring cash to the existing customers using withdrawal facilities like the PoS machines, as in this instance. Grofers, whose primary business is in doorstep grocery delivery, also witnessed seen a growth of 40% in its order volume quite rapidly after demonetisation rendered old Rs 500 and Rs 1,000 denomination notes illegal tender. This is a fallout of less cash in the hands of the average consumer. Both Yes Bank and Grofers view this step as a step further towards moving to a digital economy, in line with the Government’s plans.