Srinagar, Sept 08: In an attempt to enhance the operational efficiency through digital and technological interventions, the Jammu and Kashmir bank’s UPI QR Code initiative has received an overwhelming response from all the stakeholders implicating the ease-of-banking mission through digital channels.
The stakeholders and the concerned officials revealed that the venture has revived a successful story in the digital banking system marking a new chapter in boosting the economy.
Talking to Rising Kashmir the officials at J&K bank revealed that the bank has deployed 75000 QR codes during one month of a campaign launched by the bank in the Kashmir valley.
“The initiative has received an overwhelming response from both the regions. As of now the bank has deployed 75000 UPI QR codes through the campaign that was launched. It was a one month campaign of ‘Special Instant QR Code Drive’ in Kashmir during which these QR codes were installed”, a senior officer at the bank said.
Adding, “ It particularly involves small merchants such as fruit vendors, street vendors, vegetable and grocery vendors and all. Through the QR code system it is now cash to banks or transactions to bank. Transaction goes to the banking system as it involves, directly cash to bank which is the biggest advantage of QR code.
He said that it was a step towards boosting the cash economy where the targets were small and medium enterprises that had no other mode of payment available.
He said the bank is planning more initiatives in coming months.
“ It has pushed the concept of the digital wallet to another level. With this digital advent you don’t need to carry your wallet along, only your phone is enough which has become a digital wallet. So everything is at ease and comfort where both the buyer and the seller are benefitted. Their money goes directly to the bank which in-turn increases their savings also”, the officer said.
Adding, “You go across Kashmir you will see UPI QR Code everywhere.”
Pertinently, in current times the digital wallets have acted as a boon while making transactions easy and available at fingertips.
“ It has evolved the cashless platform fostering direct transactions to banks. The initiative, penetration of UPI QR Code across retail business establishments ,will increase the digital footprint and will aid in increasing the brand visibility of the bank,” Muhammad Aamir, a J&K bank officer said.
The QR Code initiative was aimed at making transactions more popular and familiar across varied sections of society irrespective of their location and economic status. The major thrust of the drive was on small shopkeepers, with an aim to save their time through secure QR Code transactions.
Thanking the J&K bank for deploying UPI QR codes, Iliyas Ahmad, a vegetable vendor at Lal Chowk said, “ UPI QR codes have served us a great purpose and benefited street vendors making transactions cashless, easy and secure. The direct to bank transaction has made it easier for us. Such initiatives by J&K bank are completely appreciated”.
