| Points: | 5 |
|---|
You must Sign In to post a response.
This thread is the winner of a Special Prize in the Thread of the Fortnight contest- 01st to 15th May '24.
Category: Miscellaneous
#779312
UPI mode of payment is convenient for most of us. It is so convenient that it does need cash immediately for our purchase if we have a UPI transaction, The simple reason for that it can be used whenever we need to have any commodity of our choice to be purchased.
While calculating the expense of the entire month, we would ultimately notice that such anode of UPI transaction has far exceeded the budget to an unmanageable level. In the initial phase, we don't feel such a pinch. A continuous habit of such a mode makes one addicted to excess buying. Hence a cash transaction allows us to follow a disciplined path.
While calculating the expense of the entire month, we would ultimately notice that such anode of UPI transaction has far exceeded the budget to an unmanageable level. In the initial phase, we don't feel such a pinch. A continuous habit of such a mode makes one addicted to excess buying. Hence a cash transaction allows us to follow a disciplined path.
#779315
UPI has revolutionized the way we pay for our expenses. It is a very convenient and hassle free mode of payment and there is no need of worrying for cash and change in one's pocket. Some UPI apps are providing a wallet also where one can put some money and spend out of that and again refill it with some more money. The details of the transactions are available inside the app. The advantage of using wallet is to avoid a large number of transaction records in the passbook.
As regards the expenditure increase because of UPI, yes, in some cases it would happen but the people who follow a strict financial discipline would not be affected.
India is a highly populated country and a large number of people are using it for payments and its efficacy is now established and many foreign countries are also going to incorporate it in their systems.
Thoughts exchanged is knowledge gained.
As regards the expenditure increase because of UPI, yes, in some cases it would happen but the people who follow a strict financial discipline would not be affected.
India is a highly populated country and a large number of people are using it for payments and its efficacy is now established and many foreign countries are also going to incorporate it in their systems.
Thoughts exchanged is knowledge gained.
#779317
As far as I am concerned, my expenses are not increased due to UPI payments. I use UPI for payments. Google Pay and Phone Pay are the two I use regularly. They are coming in handy sometimes. When we have no cash with us, if we see any essential item, we can purchase that using UPI. One should have money in the bank to use this. So the usage of this may not make us bankrupt.
I never purchase unnecessary items. This habit came to me after my retirement as the resources available to me are limited. When I was in my career, I used to spend money on unnecessary items. At that time UPI payments were not popular and I used to use my credit card. My visits to the bank are reduced and the weight I have to carry in my purse is also reduced due to the availability of these digital payment methods. I pay using digital methods even to vegetable vendors and fruit vendors.
drrao
always confident
I never purchase unnecessary items. This habit came to me after my retirement as the resources available to me are limited. When I was in my career, I used to spend money on unnecessary items. At that time UPI payments were not popular and I used to use my credit card. My visits to the bank are reduced and the weight I have to carry in my purse is also reduced due to the availability of these digital payment methods. I pay using digital methods even to vegetable vendors and fruit vendors.
drrao
always confident
#779320
In my case UPI payment system has only helped me to conduct my transactions as a convenient alternative wherever applicable and usable. As I am using credit cards for past many years and also doing online purchases periodically , UPI has not made my expenses more.
I am using UPI for transfer of money in small amounts to family members, friends when sharing expenses and for purchases where they do not accept credit cards. UPI is also used when there is no charges for it and when other methods have charges.
I am using only BHIM -UPI system. Due to certain limitation s of BHIM, r my lack of technical expertise, sometimes I am no able to fully utilise UPI like others using GPay etc. Moreover, as my SIM is BSNL, I had faced a lot of difficulties in using UPI many times especially while travelling and staying in other places. But that is not the problem of UPI.I do not use any digital wallet for these.
I am using UPI for transfer of money in small amounts to family members, friends when sharing expenses and for purchases where they do not accept credit cards. UPI is also used when there is no charges for it and when other methods have charges.
I am using only BHIM -UPI system. Due to certain limitation s of BHIM, r my lack of technical expertise, sometimes I am no able to fully utilise UPI like others using GPay etc. Moreover, as my SIM is BSNL, I had faced a lot of difficulties in using UPI many times especially while travelling and staying in other places. But that is not the problem of UPI.I do not use any digital wallet for these.
#779321
In one or two occasions when I forgot to take my money purse for going to local market and shops. In those time as phone was with me, I could use BHIM UPI and save the situation.
#779324
Earlier I was using credit cards for making payments as that gave me a margin of time for actual payment as credit card companies give us time upto a maximum of 45 days for settling the credits. I found that a convenient way but when UPI was introduced then I found that more convenient as there was no hassle and urgency of settling the accounts within 15 days of end of credit card monthly cycle.
Now I have cancelled my credit card and using UPI only for payment. So far I have found it very convenient. There are no service charges when we pay by UPI.
I am a financially disciplined person and people approach me for various queries regarding investments and income tax matters. So, by adhering to UPI, there is no problem for me and it has not affected my spending patterns.
Knowledge is power.
Now I have cancelled my credit card and using UPI only for payment. So far I have found it very convenient. There are no service charges when we pay by UPI.
I am a financially disciplined person and people approach me for various queries regarding investments and income tax matters. So, by adhering to UPI, there is no problem for me and it has not affected my spending patterns.
Knowledge is power.
#779327
Some knowledge we really gain from some persons even casually.
Five years back I used to pay my credit card bills through cheque only. One time when I made a payment to ICICI bank credit card, I dropped my cheque with date 07th and dropped the cheque into the banks ATM kiosk meant for it on 7th itself though the due date was 10th. But to my shock, they charged penalty as the cleared date was 11th. I felt bad but from then I wrote the cheque date and deposit even before two days of due date. Later one day my co brother suggested me to pay the credit card bills through online of my own sb account. Till then I am doing like that and avoid late penalty or worry of whether they received the cheque etc.,
Last January my younger brother who came to see me casually suggested me to have a GPay in mobile and he himself added that in my mobile. I did not use that for three more months. In April I booked a train ticket to Madurai through my credit card. On the day of travel I went to railway station and wait for the train. After an hour of reaching my station, I got realized the ticket was booked on the next day only. I took a bus from nearby omni bus station, I board into a bus. I then only saw I had only 200 rupees in cash. Suddenly I remember the GPay loaded in my phone by my brother. I paid through the GPay which helped me a lot.
. But
Five years back I used to pay my credit card bills through cheque only. One time when I made a payment to ICICI bank credit card, I dropped my cheque with date 07th and dropped the cheque into the banks ATM kiosk meant for it on 7th itself though the due date was 10th. But to my shock, they charged penalty as the cleared date was 11th. I felt bad but from then I wrote the cheque date and deposit even before two days of due date. Later one day my co brother suggested me to pay the credit card bills through online of my own sb account. Till then I am doing like that and avoid late penalty or worry of whether they received the cheque etc.,
Last January my younger brother who came to see me casually suggested me to have a GPay in mobile and he himself added that in my mobile. I did not use that for three more months. In April I booked a train ticket to Madurai through my credit card. On the day of travel I went to railway station and wait for the train. After an hour of reaching my station, I got realized the ticket was booked on the next day only. I took a bus from nearby omni bus station, I board into a bus. I then only saw I had only 200 rupees in cash. Suddenly I remember the GPay loaded in my phone by my brother. I paid through the GPay which helped me a lot.
. But
#779337
UPI payment system is a convenient way of making transactions. It has made things easier for everyone who is using this technology. I am also using UPI for making payments and doing some online shopping. It has made all the shopping stuff easy and comfortable. It has freed people from the burden of taking cash within their pockets. Paying to the people has become easy and hassle-free. One can maintain his account properly and spend only where it is necessary. Everyone should use UPI payment technology. It is a highly safe and secure online payment system.
#779367
| Points: | 4 |
|---|
The said study report indicates that the expenditure of an individual has increased because of the easier way of payment through online by means of scanning the QR codes and no proper control over it as compared to the physical mode of payments through cash. When you are holding cash, you can have an expenditure limit while the UPI payments tempt you to expend more than your target, for example while visiting a shopping mall. This may be true in many cases. I am the one among such as I get tempted to purchase the items which I like even they are not necessary for any immediate purpose. Such extra expenditure gets increased when you are not making any cash payments.
Regards,
Jagdish
Regards,
Jagdish
#779387
Jagdish Patro, in many cases what you have mentioned could be true because in UPI cashless system people have a convenient way of paying and as physical cash is not moving out of their hands, a psychological affect of not spending will be in the back of their minds.
Same thing happened when credit cards were introduced and people paid for their purchases as if they were paying from someone else's money. But when the actual date came for payment (as credit cards give some 15 to 45 days time for payment) to the card company, they defaulted.
Knowledge is power.
Same thing happened when credit cards were introduced and people paid for their purchases as if they were paying from someone else's money. But when the actual date came for payment (as credit cards give some 15 to 45 days time for payment) to the card company, they defaulted.
Knowledge is power.
#779390
In the earlier days, when we went for marketing we used to have a plan before going out, we used to carry sufficient money with us. But in villages, people used to have the facility of credit. Many shop owners used to give credit and they used to maintain an account. At the month's end, the family head used to pay back the total amount. This is similar to the present card system. Now with the advent of UPI payments, there is no necessity for preplanning. But as long as money is there in our account only we can do that. But with the credit cards, that problem is also not there. We can spend up to our limits. But sometimes we may not be able to pay in time and we may be forced to pay interest. So using credit cards requires a lot of discipline and we should think about our repayment capacity.
drrao
always confident
drrao
always confident
#779410
There are some UPI applications that are very popular and they also provide an inbuilt wallet to keep money. So, one can pay from the wallet or directly from the account whatever way one likes to do it.
The advantage from paying from the wallet is that there will not be so many entries in the bank passbook and it would not be clumsy. One can load the wallet with some good amount and then use it for a month or so then again load it. So the bank passbook will have only those 2-3 entries keeping it neat and clean.
Another thing in UPI is that many of these UPI entities are giving cashbacks, discounts, and vouchers on the money spent through their app and those who can afford and are spending on a high side would get back these promotions from time to time.
Knowledge is power.
The advantage from paying from the wallet is that there will not be so many entries in the bank passbook and it would not be clumsy. One can load the wallet with some good amount and then use it for a month or so then again load it. So the bank passbook will have only those 2-3 entries keeping it neat and clean.
Another thing in UPI is that many of these UPI entities are giving cashbacks, discounts, and vouchers on the money spent through their app and those who can afford and are spending on a high side would get back these promotions from time to time.
Knowledge is power.
#779412
I agree that UPI payments have made us to keep our wallets empty and move just with our smart phones into the world with confidence. On the other hand we really cannot concentrate on the monthly expenditure which shoots up when we just move out of homes. We would have gone out for a walk but on return, it is noticed that some amount is spent for an ice cream or a cool drink.
We should keep an eye on the income, expenditure and savings. After UPI payments have made our way, we tend to buy something which is less useful. Savings part is totally not visible, it seems to be excluded.
Lead the leader
We should keep an eye on the income, expenditure and savings. After UPI payments have made our way, we tend to buy something which is less useful. Savings part is totally not visible, it seems to be excluded.
Lead the leader
#779413
As mentioned by Umesh, some UPI apps are giving vouchers etc. However, my observation is that many of these vouchers are not useful. Many of such vouchers on my apps are getting wasted. Gpay is giving some cash back and I got a total of Rs.320/- as cashback in 5 years. Earlier I was using Paytm but now I discontinued using the same. I am not using any wallets and connected my bank account to Phone Pay and Gpay. Phonepay is not giving any cash back.
drrao
always confident
drrao
always confident
#779499
Dr Rao, yes, I agree that many of these vouchers are of no use to us as only people spending on higher side can take advantage of those.
I want to add one experience with GPay that happened with me a few days back. I forgot to load money in the GPay wallet which I feel a convenient way of paying so while making the payment I used UPI option instead of wallet option. Unfortunately the Bank server was down at that time and I could not do the transaction. So, if I had some money in the wallet I could make payment just from the GPay wallet without going to the Bank server.
Those who are interested to use the wallet mode in GPay can explore that further and use it if they find it convenient.
Knowledge is power.
I want to add one experience with GPay that happened with me a few days back. I forgot to load money in the GPay wallet which I feel a convenient way of paying so while making the payment I used UPI option instead of wallet option. Unfortunately the Bank server was down at that time and I could not do the transaction. So, if I had some money in the wallet I could make payment just from the GPay wallet without going to the Bank server.
Those who are interested to use the wallet mode in GPay can explore that further and use it if they find it convenient.
Knowledge is power.
#779514
So far I have never used GPay wallet. I connected one of my bank accounts to Gpay and money will be deducted. As mentioned by Umesh, sometimes if there is a problem with the bank server the transaction may not take place. It may happen very rarely. So I never thought of transferring money into a Google Pay wallet.
drrao
always confident
drrao
always confident
Return to Return to Discussion Forum