IIM Indore goes cashless!

Indore: Adding another feather in its cap, Indian Institute of Management Indore became ‘cashless-campus’ on Monday with the inauguration of renovated state-of-the-art Mess 2. The student run venture Mess 2 was inaugurated by IIM Indore director Prof Rishikesha T Krishnan. The renovated mess is managed by the Infrastructure Committee run by the Students Activity Council.

“The new mess looks vivid, vibrant and the coolest hangout place for the students with the addition of 6 kiosks namely, Doctor Donuts, Champz – the snack house, Coffee Cup, Chick-n-Serve, Pasta & More and G-Square. All these have a delicious and mouth-watering new menu,” IIM PRO Ananya Mishra said.

The kiosks inaugural took place with the usage of Onus Cards, marking the beginning of a new mode of cashless transactions at the campus. The student ID card, acting as e-wallet can be swiped at the outlet and payments can be made, going cashless! The payment through Onus Card can be done in simple steps: add money to the wallet connected to the IIM Indore College ID, scan the card at the device while making a payment, insert the product code and enter the security pin to verify the payment.

“The new cashless mode provides a safe and convenient payment solution to the students with no need to carry cash all the time. In addition, it also removes the problem of shortage of change. Most of the outlets on the campus already support cashless payment with PayTM. Onus Card comes as a major step of the campus towards digital payments,” Ananya said.

An onus transaction is identified when the issuer and acquirer bank are identical, i.e. the acquirer bank and the issuer bank is one and there is no need to go to the card network to obtain the authorization/funds for the transactions. Onus Cards is a venture of Onus Payment Systems India Private Ltd with banking support of Yes Bank.