Malappuram: As the cooperative banks in the state reel under a currency quagmire, a primary cooperative in Thenhipalam has come up with a digital solution with a smartphone app named Coopaisa, offering cashless banking in six rural panchayats of the district. The customers of ISO-certified Thenhipalam Cooperative Rural Bank can now pay shops and local vendors for their purchases and transfer cash with Coopaisa using a smartphone.

The basic requirement is both parties should have accounts in the bank, which provides QR codes to buyers and sellers enrolled in the project. When a customer does shopping, they can easily transfer the bill amount directly to the vendor’s account by scanning the QR code, like major players in the business like Paytm. Some of the auto taxis also use this facility.

“We have been working on this project for the last six months and, it was mere coincidence that the launch came concurrently with the currency crunch and new push of the central government for a cashless economy,” said Pradeep Menon, its president.

The Coopaisa also has facilities for mobile and DTH recharging and cash transfers up to Rs 10,000 to other banks through IMPS. Besides, the account holders can pay huge bills of hospitals and jewellery using electronic payment system. “This is not a digital wallet but facilitate all transactions in a simple and cashless way,” says Sreejith Mullassery, the project head.