103rd Day Of Lockdown

Maharashtra2000641080828671 Tamil Nadu107001605921450 Delhi97200682563004 Gujarat35398254141926 Uttar Pradesh2655418154773 Telangana2231211537288 Karnataka215499246335 West Bengal2123114166736 Rajasthan1975615663453 Andhra Pradesh186978422232 Haryana1669012493260 Madhya Pradesh1460411234598 Bihar11860876590 Assam11002674414 Odisha9070622446 Jammu and Kashmir82465143127 Punjab61094306162 Kerala5205304826 Chhatisgarh3161252614 Uttarakhand3093250242 Jharkhand2739203514 Goa16848256 Tripura155812021 Manipur13256670 Himachal Pradesh104871510 Puducherry94644814 Nagaland5782280 Chandigarh4663956 Arunachal Pradesh252751 Mizoram1601230 Sikkim101520 Meghalaya50421
Business Other News 10 Nov 2016 UPI may bail people ...

UPI may bail people out of small note shortages

DECCAN CHRONICLE.
Published Nov 10, 2016, 1:19 am IST
Updated Nov 10, 2016, 1:29 am IST
People can get virtual ID by downloading a UPI app launched by any of banks and register themselves using their account number.
As UPI has still not become popular, third-party payment wallets have seen a big jump in usage.
 As UPI has still not become popular, third-party payment wallets have seen a big jump in usage.

Hyderabad/Bengaluru: The government-promoted payment system United Payments Interface (UPI) could get a big boost as people face difficulties in getting small notes.

“UPI is mobile based fund transfer system developed by National Payments Corporation of India and RBI. It seamless transfers money through smartphone apps using a unique ID, which doesn’t require people to give out their bank account details to others. Due to the cash crunch, the use of UPI app may increase,” said an expert.

 

People can get virtual ID by downloading a UPI app launched by any of banks and register themselves using their account number. As UPI has still not become popular, third-party payment wallets have seen a big jump in usage.

Payment wallets like Paytm, IdeaMoney, Airtel-Money, which are alternative to cash transactions, have been experienced higher traffic from people. According to Paytm,  its gateway got about 435 per cent of overall traffic within hours on Wednesday. “Besides the traffic, 200 per cent increased in app downloads, 1,000 per cent increase in add money, 400 per cent in transactions and 30 per cent in saved card category,” the payment gateway said.

Many Bengaluru-based startups and e-commerce companies that allow customers to pay through digital means also expressed their happiness as this move will help them bring more merchants and customers on board.

“This is a master stroke by Prime Minister which will majorly change India’s digital payments infrastructure,” says Sunil Kulkarni, deputy MD of Oxigen Wallet.

...




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT