India's Unified Payments Interface goes live with 21 banks

[proud_indian]

 

[Rajaraja Chola]

An nice initiative. So Mobile-Mobile transfer is already there, and now this acts like an PayTm?

Say, if I have 3 bank accounts, I can add all 3 accounts in this UPI and my money in UPI will be sum total of my balance in 3 accounts/?

 

[Abba_Dabba_Jabba]

How is this different from paytm or paypal etc?

Different from Paytm, here you can install app of Axis bank and you can send money from your HDFC bank acc to Bank of Baroda.

A very simple though revolutionary system, it faced lot of protest from Paytm, Flipkart, Airtel and Paypal, but NPCI & RBI still went for the system. Kudos. But still security will be a huge concern, and a great step by government on cashless transaction front. Also a great time to bring this system before some foreign company comes here to dominate the market, a very good step taken by NPCI on Rupay and UPI front, they have actually ended probability of monopoly of some private entity.

 

[Sneaker]

I think govt is pushing for more electronic monetary transactions and curb cash. 2 fold benefit, curbing black money and no counterfeiting. Downside- security.

 

[Levina]

What’s the big deal about Unified Payments Interface

Omg!
This is really cool.
Thanks for the tag.
I really liked the app because its gonna revolutionize the way people make payments. Other than being a direct one to one payment (irrespective of the banks both the parties deal with), i also liked the fact that it is very secure; I will not have to share any of my personal data to any random website.

*****

Downside- security.

But still security will be a huge concern,

You guys should watch the video from time stamp 3:40, the guy explains that the system is very secure.
Do watch it and tell me what you think. Is the guy right?

 

[Shankranthi]

So now bribes can be payed via electronic transfer

Pretty soon govt. officials will start demanding bribes in 'bit coins'.

 

[Sneaker]

Omg!
This is really cool.
Thanks for the tag.
I really liked the app because its gonna revolutionize the way people make payments. Other than being a direct one to one payment (irrespective of the banks both the parties deal with), i also liked the fact that it is very secure; I will not have to share any of my personal data to any random website.

*****




You guys should watch the video from time stamp 3:40, the guy explains that the system is very secure.
Do watch it and tell me what you think. Is the guy right?

He is only talking about security of the process, ie, you not need to give your credentials to third party. What about the app itself?

 

[Levina]

He is only talking about security of the process, ie, you not need to give your credentials to third party. What about the app itself?

UPI is better than 3rd party payments, but like every system this is also not fool-proof.

 

[Abba_Dabba_Jabba]

So now bribes can be payed via electronic transfer

Pretty soon govt. officials will start demanding bribes in 'bit coins'.

Bit coins are not recognized by RBI, they'll kick @sses if somebody uses it for any transaction in India. Plus all this logic behind earning the Bit coin is pathetic, I don't know how people get into such things.

 

[Shankranthi]

Bit coins are not recognized by RBI, they'll kick @sses if somebody uses it for any transaction in India. Plus all this logic behind earning the Bit coin is pathetic, I don't know how people get into such things.

LOL......bit coins exist OUTSIDE the space of current monetary system and governance. It is a PARALLEL economy which is untraceable for all practical purpose and its value keeps increasing with time. Its the perfect currency for ANY illegal transaction from Drugs, to Bribes, to paying Spies and Assassins.

People can trade bit coins for USD anytime they want.

 

[CorporateAffairs]

I think govt is pushing for more electronic monetary transactions and curb cash. 2 fold benefit, curbing black money and no counterfeiting. Downside- security.

GOI will encourage cashless transactions.
Will limit cash transactions over a limit.
Good measures.

 

[[Bregs]]

cash less transaction curbs black money, saves money from replacing mutilated notes being printed again by RBI

 

[skyisthelimit]

It is very common in EU as well such as SEPA or IDEAL or Bancontact. India should take these steps a bit faster and arrange proper infrastructure. This will make people also go for online usage and reduce paper currency usage.

GOI should link all govt payments via such payment system so automatic payments done to concern departments.

POS should be set up at all Muncipality and other offices which are linked via such payment system.

Increase pin card payments, get rid of cash, especially at govt offices.

WILL REDUCE CORRUPTION BY MORE THAN 50%

 

[Nilgiri]

It is very common in EU as well such as SEPA or IDEAL or Bancontact. India should take these steps a bit faster and arrange proper infrastructure. This will make people also go for online usage and reduce paper currency usage.

GOI should link all govt payments via such payment system so automatic payments done to concern departments.

POS should be set up at all Muncipality and other offices which are linked via such payment system.

Increase pin card payments, get rid of cash, especially at govt offices.

WILL REDUCE CORRUPTION BY MORE THAN 50%

Nice to see you back brother.

 

[skyisthelimit]

Nice to see you back brother.

Thanks Bro, Yes travelling due to work and was on vacation 6 weeks in India.