Telangana traders not interested in cashless dealings

Khammam: Many traders and businessmen are not keen on going cashless due to doubts and lack of security from cyber crimes. So far, just a few businessmen have bought swiping machines for their business transactions.

There are about one lakh small, medium and major vendors, businessmen and traders in both Khammam and Bhadradri-Kothagudem districts. But, only 700 persons have come forward to get swiping machines to run their operations.

N. Muralidhar, a shop owner, said, “The idea of cashless transactions is not good if the government not prepared to check cyber crimes. Lakhs of rupees could be lost if hackers get into our account.”      

Interestingly, many opined their privacy will be intruded into through such transactions. A person, on condition of anonymity, said, “I used to go to bars now and then to have some liquor. I do not want to expose myself with e-transactions. My privacy may be hit with it.”

Moreover, charges being collected by wallet companies are a sore point.
D. Ramu, who runs a provisions shop, said, “Prices of the goods will be more if the wallets collect e-transaction charges from us. We will collect these charges from the customers only.”

Further, 60 per cent of the businessmen do not have enough knowledge about checking their bank accounts regularly and doing cashless transactions.