UPI Transactions in India to Undergo Major Changes Soon, What You Should Know
Unified Payments Interface (UPI) has made it very easy for people to transact money with each other. Be it for personal transactions or business transactions, it can be done instantly and without any extra cost. UPI is regulated and governed…
Stupid decision To only benefit Ambani and his politician masters.
This is a good move to prevent monopoly or duopoly in UPI transaction.
Kuch ka kuch faltugiri kaam karna hi hai govt ko.
mtlb dusre American, Chinese company ko benefit ho chalega but Indian company ko benefit ho woh nhi chalega tumlogo ko ?
I wish New Education policy k baad shayad tumhare bache ko achi Education mile taki tumhara bache ko yeh smjh aaye American, Chinese company ko faida pahochane se better ha, Indian company ko faida ho. jisse humara desh jaldi developed kare.
Seriously! Please promote local apps by giving them incentives not By putting a cap on others, you eventually create inconvenience to users.
Google pay is famouse due to its app design , ease and benifits! Not because who its indian/chinese or any country origin
A majority of work in food, garments and IT is done by indians in other countries, if every country adopts this policy, indians will be at loss
So choose the app which serves the purpose, safe and convinient!
I prefer Google Pay or SBI Pay over PhonePe, Paytm or BHIM, because only these apps work on my mobile. I used BHIM before, but it does not allow me to login now. Govt brings such stupid new rules just to benefit Ambani.
soon you get more NPCI like UPI payment system.
RBI plan to issue at least a couple of NPCI like retail payment system licenses by the end of this year.
Reliance, Paytm, NSE and BSE are among those interested in securing licences to run an entity with powers like NPCI.
If given the green light, these companies can set up a pan-India payment network which can launch and govern its own payment systems in ways similar to how NPCI operates UPI, NACH, RuPay, BBPS etc.
Probably anticipating Whatsapp's entry into payments market. It has such a large user base that it'll destroy all other payment apps in the blink of an eye. Gpay is an example of this. Despite being a rotten app, it has an undue advantage because of being a Google ecosystem product. Not a good decision for people using a single UPI app though.
Ostensibly this might be intended to safeguard user interest and protection against any outage and service disruption. This might occur if a UPI fintech player gains market share more than 50%, and in case of any snag, 50% users could be affected which definitely is a major issue. But i think NCPI would be denying the users the full potential of technological advancements and innovations that players like Google would introduce in future with AI and other initiatives.
Agree with ur point that gpay is a rotten app and getting popularity because using mobile number we can transfer without knowing anybody's upi id. If whatsapp payment becomes popular it will kill all others.
Which UPI app is feature rich according to you.
I am not voteing for GPAY either. Becuse my most use is via PAYTM and PAYTM UPI. Even phonepe and freecharge are sluggish at many time.
- I am addicted to UPI transactions. Before that, I was using Immediate Payment Service (IMPS) and some times USSD (*99#) until there was no transaction fees. And before that, National Electronic Fund Transfer (NEFT) until there was service charge exemption upto ₹50,000 in some Banks.
- I want to make a point about the above discussions that two factors which are free to use and ease of transaction.
- Google Pay made its way to UPI by introducing random Rewards as scratch cards which allows direct credit of rewards to your account in real time unlike other players in the market like Phone Pay, PayTm, Amazon Pay etc. which keep your rewards (cash back) in wallets or in the form of reward points or coins.
- I am still stuck with it Google Pay because it still rewards gives rewards(now a days less frequently) and not because of its ease of use as other UPI Apps are also upgraded quite well to compete with Google Pay.
- This is the reason why the young generation is attracted to Google Pay the most.
- Whatever steps the Government may take to reduce transaction limits, it will be not done untill other UPI Apps provide attractive cash back/Rewards.