Today we came with Cashless society. I know that it's totally new word in Indian banking however we need to update our self, Now India continues to be driven by the use of cash; less than 5% of all payments happen electronically. But, the FM, in his budget speech, talked about the idea of making India a cashless society.
Shashank Kumar, cofounder of Bengaluru-based firm Razorpay said right now there is no standardization for payments via different net banking integrations. Each bank has come up with its own interface which is bulky and is hard to integrate with. “UPI solves this pain point beautifully,” said Mr.Kumar.
UPI would also have an impact on the credit and debit card systems which charge a discount rate of between 0.75 to one per cent from merchants using the network. Mr.Sharad Sharma of iSPIRT, a think tank said that as the UPI is built on IMPS, it will have lesser charges.
“This simplicity will bring millions of bank customers who don't transact online,” said Nitin Misra, vice president at Paytm. The opportunity is huge as 95 percent of transactions in the country still happens in cash.
The opportunity is huge as 95 % of transactions in the country still happens in cash
Nitin Misra,Vice-President, Paytm
Payments have been one of the biggest hurdles for mass adoption of online shopping in India
What exactly is a cashless economy? See if you can discuss around some of these questions and help us analyse various aspects of this financial evolution in India. I think we need to think about it
UPI allows a customer with a bank account to make payments or transfer money using a smartphone.Unified Payment Interface (UPI) is the National Payments Corporation of India’s (NPCI) most ambitious project. and its aim: To bring digital banking to 1.2 billion people in the country.
Transfer: Also to allow anyone with a bank account to quickly create a virtual payment address.
The money can be transferred using just the phone number or the Aadhaar number.
Charges: It is built on Immediate Payment Service (IMPS) which has lesser charges as compared to Credit and debit cards.
Security: End-to-end security and data protection on UPI is one of the key areas of concern among customers.
The money can be transferred using just the phone number or the Aadhaar number.
Charges: It is built on Immediate Payment Service (IMPS) which has lesser charges as compared to Credit and debit cards.
Security: End-to-end security and data protection on UPI is one of the key areas of concern among customers.
UPI would also have an impact on the credit and debit card systems which charge a discount rate of between 0.75 to one per cent from merchants using the network. Mr.Sharad Sharma of iSPIRT, a think tank said that as the UPI is built on IMPS, it will have lesser charges.
“This simplicity will bring millions of bank customers who don't transact online,” said Nitin Misra, vice president at Paytm. The opportunity is huge as 95 percent of transactions in the country still happens in cash.
The opportunity is huge as 95 % of transactions in the country still happens in cash
Nitin Misra,Vice-President, Paytm
Payments have been one of the biggest hurdles for mass adoption of online shopping in India
Our PM has done ..he said and he did that.
ReplyDeleteOur PM has done ..he said and he did that.
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