Category: Club House Discussion

23 Nov 2016 15:31

Joined:	01/01/2015
Level:	Gold
Points:	41446

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Inspite of cash crunch, why no one is using UPI?

UPI - the Unified Payment Interface - was introduced amid much fanfare by the NCPI. But it appears as if the hype has died down. Almost all the banks have come up with their own UPI apps. There are a few third party non-banking apps as well. But, the interface does not seem to have much takers.
What could be the reason? In the current turn of events after demonetisation of high value currency notes, the UPI should have been the best option for cashless transactions. Can our techians throw some light on the same?

#24689

23 Nov 2016 15:45

Joined:	06/01/2012
Level:	Platinum
Points:	100497

Points:	2

Have you tried it?
I have not been able to try it yet since I use a Windows mobile. But even if I had an Android mobile, I have a doubt regarding the charges per transaction. It uses IMPS in the background and my bank charges Rs.6 for per IMPS transfer which is quite costly for most of the transactions we do everyday.

#24690

23 Nov 2016 20:04

Joined:	01/01/2015
Level:	Gold
Points:	41446

Points:	1

I have not used it because my bank SBI does not seem to have launched the app as yet. I have been checking the Play Store on a constant basis. I am yet to find the app by SBI.
By the way if it uses IMPS in the background, it may not be of practical usage. I had been using IMPS when it was launched. :Later on banks began charging Rs. 5 or so for the IMPS transactions and I stopped using it. Online transactions by NEFT are better and faster than IMPS.

Live....and Let Live!

#24691

24 Nov 2016 15:00

Joined:	04/03/2014
Level:	Gold
Points:	19194

Points:	5

The uses of UPI is not much different from that of normal internet banking, card payment, Paytm etc. The Cash crunch is felt for small purchases, where anyway such things don't work.
Most of the people in our country, don't even have a bank account, so where's the question of using UPI?
The other thing is what told by Ankit, if you charge for something which others are not charging for, nobody will like to opt for that just for security reasons, as there are other ways already in place to secure your passwords and the like.
In my personal case, I prefer Internet Banking than anything else, and though the group sharing facility is a wonderful thing in UPI, I don't think many people are right now planning for any extravagant expenditure. So UPI don't come out to be handy in the current scenario.

#24692

24 Nov 2016 19:22

Joined:	01/01/2015
Level:	Gold
Points:	41446

Points:	1

Exactly. Even I use net banking and the mobile apps ( which are essentially the mobile versions of the desktop based internet banking) more frequently than other options like SBI Buddy or such introduced recently by SBI.

Live....and Let Live!

#24694

25 Nov 2016 11:17

Joined:	06/01/2012
Level:	Platinum
Points:	100497

Points:	2

@Timmappa,
I don't know why you said hat NEFT is faster or better than IMPS. IMPS is no doubt a better electronic transfer facility than NEFT. NEFT transaction can take 2-3 hours whereas IMPS happens immediately. NEFT transactions too have charge though less than IMPS.

#24698

25 Nov 2016 13:02

Joined:	01/01/2015
Level:	Gold
Points:	41446

Points:	1

Ankit, I was referring to the transfers within SBI. I do not know about other banks. Maybe I made a reference to NEFT out of mistake, but the online transfers through SBI internet banking are done instantly just like IMPS. I have been doing it much frequently. I have, however, not made such transfers through non SBI banks though.

Live....and Let Live!

#24702

26 Nov 2016 08:00

Joined:	14/06/2012
Level:	Gold
Points:	4238

Points:	1

Timmappa,
All same bank transfers are always free, it is not just for SBI. They don't even fall under NEFT or IMPS.

#24734

03 Dec 2016 22:58

Joined:	09/02/2011
Level:	Gold
Points:	6287

Points:	-5

[Response removed by Admin. Read forum policies.]

#24736

03 Dec 2016 23:51

Joined:	01/01/2015
Level:	Gold
Points:	41446

Points:	1

Bharath, please note that this forum discussion is not about demonetisation and its effects, but about the usage of UPI. We would request you to stay on topic rather than moving away from it. If you want to discuss the demonetisation and the effects thereof - from a technological point of view - you may start a new thread. But please note that a general financial kind of query will not be allowed.

Live....and Let Live!

#24738

04 Dec 2016 12:09

Joined:	09/02/2011
Level:	Gold
Points:	6287

Points:	0

Timmappa, Sorry for the inconvenience. I have mistaken and shared my views on demonetization. It won't be happen further. Thanks for your kind response and guidelines.

Inspite of cash crunch, why no one is using UPI?

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