KOLKATA: They say you can buy anything in Burrabazar if you have cash on you, including cash itself. But the pandemic has brought about a shift in the wholesale and retail hub in the heart of the city where cash, the most preferred mode of business till now, is being replaced by various forms of cashless transactions.
Businessmen in Burrabazar and other market clusters in central Kolkata are shifting to online modes of payment for reasons ranging from avoiding direct contact with other individuals, decreasing crowds in the markets and keep the business afloat with small transactions.
More and more traders are using bank transfers and digital wallets for transactions with their buyers and suppliers after market associations and local administrations suggested the same to decrease congestion in the markets that threatened rapid transmission of the virus.
Soon after demonetization, people had exchanged their demonetized currency notes in Burrabazar for a price. Even today, currency notes of various denominations are available in Burrabazar, if one is willing to pay a small ‘commission’.
“More than 50% of the traders in the businesses of electrical fittings, cables and electronic items are opting for online payment,” said Chandresh Meghani, president of the Calcutta Electric Dealers’ Association. “Ours is a very busy market, but we want to conduct business in a safe environment. We suggested our members to use more online transaction modes so that buyers do not have to come to the market,” said Meghani.
Similarly, at markets dealing in spices, essential commodities, dry fruits, apparels and gift items, more and more businessmen are shifting to online transaction modes.
The pandemic has dealt a huge blow to business with large transactions almost drying up. As local trains are not operating, bulk buyers from neighbouring districts and states are unable to come to Kolkata. “We depend on bulk buyers from the districts and neighbouring states. Now, they transfer small amounts and we send off the goods to them,” said Suraj Tibrewal, who sells dry fruits in Sadasukh Katra on MG Road.
Businessmen in Burrabazar and other market clusters in central Kolkata are shifting to online modes of payment for reasons ranging from avoiding direct contact with other individuals, decreasing crowds in the markets and keep the business afloat with small transactions.
More and more traders are using bank transfers and digital wallets for transactions with their buyers and suppliers after market associations and local administrations suggested the same to decrease congestion in the markets that threatened rapid transmission of the virus.
Soon after demonetization, people had exchanged their demonetized currency notes in Burrabazar for a price. Even today, currency notes of various denominations are available in Burrabazar, if one is willing to pay a small ‘commission’.
“More than 50% of the traders in the businesses of electrical fittings, cables and electronic items are opting for online payment,” said Chandresh Meghani, president of the Calcutta Electric Dealers’ Association. “Ours is a very busy market, but we want to conduct business in a safe environment. We suggested our members to use more online transaction modes so that buyers do not have to come to the market,” said Meghani.
Similarly, at markets dealing in spices, essential commodities, dry fruits, apparels and gift items, more and more businessmen are shifting to online transaction modes.
The pandemic has dealt a huge blow to business with large transactions almost drying up. As local trains are not operating, bulk buyers from neighbouring districts and states are unable to come to Kolkata. “We depend on bulk buyers from the districts and neighbouring states. Now, they transfer small amounts and we send off the goods to them,” said Suraj Tibrewal, who sells dry fruits in Sadasukh Katra on MG Road.
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