Finance Minister Arun Jaitley Unveils Slew Of Online Payment Benefits

By BankBazaar | December 10, 2016

Finance Minister, Arun Jaitley, Has Good News For Making Online Payments

The whole idea behind demonetisation was for India to go cashless. If you think that’s not the right way, here are some measures that will surely change your mind. Finance Minister Arun Jaitley has announced a number of benefits for those making payments online. Excited? Want to know more? Read on.

Fuel Up

When you fill fuel for your vehicle the digital way, you will get a discount of 0.75% on the purchase. This applies to Debit cards, Credit cards, e-wallets and mobile wallets. Through this measure, the Government is hoping to reduce cash transactions at fuel stations. As of now, it looks like only the Public Sector oil companies will provide these discounts. The Minister said that the private oil companies have to take a call on whether they want to provide this discount to customers.

Take The Train

Love travelling by train? You will get a 0.5% discount when you buy monthly or seasonal tickets at your suburban railway network – only if you make digital payments. From when will this happen? 1st January, 2017. The Government is planning to begin this initiative with the Mumbai suburban rail. Not impressed? Here’s one that might do it for you. Passengers who book their rail ticket online will receive an accidental insurance cover for Rs. 10 lakhs, free of cost! Wait! There’s more. You can get a discount of 5% if you make digital payments while availing railway services such as retiring rooms, accommodation, and railway catering. Already, 58% of the railway tickets booked are through the online mode.

Seal The Deal

If you have dealings with the Central Government or Public Sector Units, be sure to make payments through the digital route. This way, you needn’t pay any transaction fees as well as Merchant Discount Rates.

Toll-less?

Tired of paying those compulsory tolls? Here’s an incentive. You will get a 10% discount at toll plazas on all national highways if you use RFID or Fast-tag cards. You can avail this benefit until 31st March, 2017.

Waived Off

The Government has also announced that you needn’t pay service tax on both Credit and Debit Card transactions that are worth Rs. 2,000 or less.

Feel Secured

The best measure, yet! When you buy General Insurance (Health, Car, and Travel) or Life Insurance online, you will get discounts of 10% and 8% respectively, when you use your card for the purchase.

Way To Go!

BankBazaar welcomes this move as we have always advocated how beneficial digital payments can be. The most important part about online purchases is that there is no hassle of handling documents aka paper.

Additional Reading: All About The Paperless Initiative

Bankbazaar.com is all for the paperless processes. In order to provide a seamless experience for our customers, we have gone paperless. What does that mean? We have a paperless approval process for all our products, be it Credit Cards, Home Loan, Car Loan, Personal Loans or Insurance. Paperless processes help reduce the time and hassles associated with approving financial products.

Bonus Video: Nandan Nilekani On Going #Paperless & The Fintech Revolution

So, through a paperless process, the financial product that your heart desires is literally a click away! Want to experience how paperless processes work? Go ahead and apply for that loan or Credit Card that you want and we promise you that you won’t be disappointed. What’s more? You get to compare across lenders to zero-in on the perfect product for you.

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