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    Points:5

    UPI Payments not taking off - any reason?

    UPI - Unified Payment Interface is one of the important decisions in the direction of going Digital in transactions. Developed and launched amid much fanfare, the initiative was believed to bring huge changes in terms of cashless transactions.
    However, it seems to have failed to take off on the expected lines. What could be the reason for the same? What comes to my perception is the lack of information or education on this mode of payment. Most of us know it by name, but turn blank when inquired more about it. That would mean the government and NCPI in particular, needs to address the identity crisis being faced by one of most talked about digital payment mode so that the general public can have a good idea on the concept.
    What is your take on the lack of response being received by UPI. Do share your views herein.
  • #24897

    Points:5
    The National Payments Corporation of India has been working to develop this Unified Payments Interface (UPI). It planned to create a mobile app in which users can transact peer to peer and merchant's transactions easier. This app is designed to work for linking multiple bank accounts in-order to create a virtual payment address. This helps to send and receive money from anywhere. This UPI may link a bank account to any other app. Once after the demonetization came into act, most of the eye where targeted to UPI. But it dint happen like that way. Most of the banks and third parties concentrated on advertising their advantages of merging with Paytm. So Paytm become most popular than the UPI. So all the government actions toward UPI were stopped and eyes were turned towards the Paytm.

    Paytm become more popular app at the demonetization period. More people started downloading this app and created their own account with Paytm. All these become backlog for UPI. It was wondering in focusing on its platform rather than making use of the time in demonetization. The platform UPI focused on multi-sided business. It couldn't run in single business. This was the major drawback for UPI.

  • #24901

    Points:1
    In fact, UPI is much better option as long as making digital payments is concerned. It acts as an intermediary between your bank and the merchant. You do not need to load any money into the wallet. Only point we are in need of is how to create awareness about the same.
    Live....and Let Live!

  • #24921

    Points:1
    As you said if we do not need to load money into wallet, then how it is to access this Paytm. But I haven't used this Paytm in money transfer process. But my friends have using this app in their mobile. They often say, they recharged mobile through Paytm, they pay for call taxi's through Paytm. One of my friend said, he used to transfer some amount to his wallet. It looks like onetime payment in the bank. So there won't be any processing fee for that. Once you filled your wallet you can use it as you like. This was the news I have know. '
    @Timmappa. Could you share some more information regarding this? Have you using this app?

  • #24923

    Points:1
    Bharath, we are talking about UPI here, not Paytm. Paytm is a mobile wallet while UPI is not. From that perspective above response od yours does not appear relevant to the topic under discussion. I would request you to go through the exact topic before coming up with a response that has no relation to the what we are discussing.
    Live....and Let Live!


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