Post demonetisation, co-operative banks across the country have plunged into huge crisis after the Reserve Bank of India restricted cash transactions. However Malappuram Service Co-operative Bank in Kerala has found an innovative solution to overcome the crisis.
What makes the move unique is that, the COOPaisa facility is universally available to people irrespective of having a smartphone or not. The facility basically works at three levels — for customers having smartphones, for those who have a phone but no internet access and for people do not own a smartphone.
Coopaisa – Payment Mode
- The bank provides unique QR codes to each trader linked with the facility. A user, who has downloaded the COOPaisa (MyBank)app in their smart phones can simply scan the barcode and complete transaction.
- It is also possible to make transactions without scanning the QR code, but entering Merchant ID (MID) provided by the bank, which will be displayed at shops. It enables a person to complete the transaction sitting home if he has sent someone else to get the goods..
- If the customer does not possess a smart phone, the transaction can be initiated by entering his registered mobile number in the trader’s mart phone, after which a One Time Password (OTP) is provided to the customer’s mobile and verified for completing the money exchange..
- In the third choice, if the customer does not have internet on his smartphone, the COOPisa app still generate a QR code in customer’s mobile screen, which can be scanned by the trader to complete the transaction after verifying a QR code.
COOPaisa Benefits:
- No need for carrying cash or card.
- No vendor side hardware (card swipe machine) required.
- Ordinary mobile phones and smart phones are equally compatible.
- Ultra low implementation cost.
- 100% secure.
- Available 24*7.
Advantages
COOPaisa has many advantages over digital wallets like Paytm. E-wallets need to be refilled when they run out of cash. It is a time-consuming process. COOPaisa deducts money directly from customer’s account as it is directly linked with the savings bank account. It is a hassle-free process.