IIT Bombay creates the first cashless campus in India

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IIT Bombay authority has launched a universal debit card for students and faculty of IIT Bombay, now no one need to carry cash in campus to pay across most of the merchants on the campus.The new initiative called Cashless campus launched last week, has made headlines within the first week of its launch, with almost every student subscribing to it. All that you need is to do is fill up a form and submit a photocopy of identity card and your universal debit card is ready, which has no registration or even processing fee of any sort.
The initiative ‘Cashless Campus’ is India’s first Contactless Semi-Closed Prepaid Payment System. “The Power To Pay” tags have been developed exclusively for the student body and faculty of IIT Bombay and can be used at majority of the outlets in campus to make day-to-day purchases in book shops, stationery stores, groceries, restaurants and canteens. The whole purpose is to offer extremely convenient way of transacting on campus, saving one the hassle of carrying cash around and struggling with loose change to make payments. The initiative will allow you to pay across most of the merchants on the campus just by a tap of your mobile phones. These tags can be put on anything, even on mobile phones.
The initiative is launched in partnership with Canara Bank, Itz Cash and Rupay, and it is also possible to link your bank account or mess bill account to make the payment. Online and coupon recharge options are also available. One needs to just recharge one’s tag and flash it across outlets on campus. That’s pretty much it. Also, reloading the tag is not a headache. 8-10 reloading points have been setup, comprising of popular places like Brewberry, Campus Hub etc. Also, one is entitled for 5% more for every reload of more than Rs.500/-.
This video should give an idea of how it works. It aims at reducing the transactions via cash on campus.

It would be an ideal and an extremely convenient way of transacting on campus, saving you the hassle of carrying cash around and struggling with loose change to make payments! You would get these contactless tags for your mobile phones and can avail the service according to the following schedule by signing up the KYC forms:
30th – H1, H2
31st – H3, H4
1st – H5, H9
2nd – H6, H7
3rd – H8, H11
4th – H12, 13, 14
6th – H12, 13, 14
7th – H10 and Canara Bank for the rest

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