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Home > Businesses > Retail > Media releases

Essar's Nand Niketan Township becomes India's First Private Sector Township to go cashless with The Mobile Wallet (TMW)

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March 17, 2017 Bookmark and Share  
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  • More than 12,000 TMW app downloads
  • Over 8,000 TMW-RBL Bank Prepaid Card issued
  • An average of Rs 2 lakh of digital transactions executed every day
  • More than 1,000 daily transactions executed using simply the TMW app
  • All 40 merchants at the Township accept payments through the TMW app and TMW-RBL Bank Prepaid Card

Hazira, Surat, 17 March 2017: Essar today announced a remarkable milestone achieved by its Nand Niketan Township that became the India's first private sector township to go cashless with the help of The Mobile Wallet (TMW), a Mumbai-based financial technology company. The Wallet is powered by RBL Bank Ltd. TMW single-handedly worked on this project and successfully converted Essar’s Nand Niketan Township into a cashless township.

Essar's Nand Niketan Township becomes India's First Private Sector Township to go cashless

The pilot project involved the adoption of TMW’s twin offering—the smartphone-based TMW app and the Mastercard-enabled TMW and RBL Bank co-branded Prepaid Card, which has almost universal acceptance at all outlets and billers that accept Mastercard in India.

While the TMW app has had more than 12,000 downloads, over 8,000 TMW-RBL Bank Prepaid cards have been issued to a wide range of users in Surat, including Essar employees and their families residing in the Hazira Township, merchants and shop owners operating within its precincts, as well as contract labourers working in various Essar facilities. An average of Rs 2 lakh worth of digital transactions are being executed every day.

More than 1,000 daily transactions, including mobile recharges, payments made for groceries and daily needs, and settling of restaurant bills, are being recorded daily using the TMW wallet app. In addition to this, users are also making other forms of digital payments—be it through the TMW-RBL Bank Prepaid Card, other debit/credit cards or other e-wallet apps. All of the 40-odd merchants at the Township accept payments made through the TMW app and Prepaid Card.

Says Rishi Kalantri, Head–Cashless Townships, TMW: “We started the pilot project at Hazira in December 2016—almost immediately after the PM launched the demonetisation drive and gave his clarion call for a cash-free India. In the initial phase, we conducted a series of workshops for various user groups, with an eye on addressing their unique requirements. This helped in easing the adoption process and made the transition to a cashless ecosystem sustainable.”

Says Mr Ralph Sunil, VP-Administration & CSR, Essar Steel: “All Essar employees now get a nominal part of their salary as a credit into their TMW wallets. The collector’s office in Surat has personally appreciated our efforts in making digital payments a way of life in the Township.”

Says Dinesh Yadav, a contract worker at the Essar Steel plant in Hazira, “I am quite thrilled to be issued the TMW-RBL Bank Prepaid Card. Though I don’t have a bank account, I can use the card to make purchases safely. The card activation process takes less than 30 seconds. I can also transfer money to my family in my native village by simply sending an SMS.”

Says Mr Mahavir Jain, owner of the Vinayak Store, which deals in groceries at the Nand Niketan Township: “The TMW app and TMW-RBL Bank Prepaid Card perfectly complement each other and help traders like us accept payments securely from a wide cross section of customers. If my customer has a smartphone, he or she can simply transfer the amount to my TMW merchant account. If they have a feature phone, they can still pay me by sending an SMS. For those without a compatible phone, there is of course the TMW-RBL Bank Prepaid Card, which I can swipe at my POS machine.”

About The Mobile Wallet Pvt. Ltd
The Mobile Wallet (TMW) is the brainchild of Mr Vinay Kalantri, who is the Founder and MD of The Mobile Wallet Pvt Ltd. TMW is India´s first complete service wallet which empowers its users to complete their day-to-day payments in a simple and convenient manner. Through the innovative services backed by the best in technology and the highest level of safety, security and reliability, The Mobile Wallet Pvt. Ltd offers consumers a unique app and an innovative Prepaid Card, powered by RBL Bank and Mastercard, which will make complex household budgeting a thing of the past. In line with the national mission of making India a cashless society, TMW will not only make it easier for every Indian to be a part of the dream, but also make it simple for merchants to accept payments and avail of the benefits that would accrue to them under the new policy to be announced by the Government of India. For further details, please visit www.themobilewallet.com

Media contact:

Manish Kedia, Senior Vice President - Corporate Affairs, Essar
Phone: +91 98197 30092, Email:  manish.kedia@essar.com

Ravi Muthreja, Vice President - Corporate Communication, Essar
Phone: + 91 99301 34566, Email : Ravi.Muthreja@essar.com

 
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