Visakhapatnam: The city is witnessing a surge in cashless transactions via online, phone-linked platforms like UPI (Unified Payments Interface). While this is easy and convenient, small vendors and elderly customers are fighting shy of this new facility.
One of the key concerns for local vendors, particularly in the city’s wholesale Rythu Bazaar is the scarcity of coins. The increase in the use of cashless transactions has disrupted the normal coin circulation. This makes it difficult for them to provide exact change for small purchases.
Instead, vendors are offering additional items, like chocolates and cite the excuse that they do not have coins.
Malls are also discouraging coin usage and favouring either currency notes or online methods.
The adoption of e-payments system isn't without its drawbacks. Shopkeepers are worried about online fraud. Instances of customers presenting fabricated payment screenshots and disappearing before verification have been reported by chat shop owner.
Beauty parlor employees have shared similar experiences. Some employers are even deducting their wages by citing false digital receipts.
The lack of physical receipts from UPI transactions further complicates matters for smaller shops. The cost associated with the registrations for digital payment confirmation systems, coupled with their often-inconsistent income, discourages many from implementing the safeguards.
The digitally-excluded population is also facing difficulties. Elderly customers like Venkata Rama Laxmi (68) are at a disadvantage as vendors refuse to allow cash transactions for the purchases they make.
Ilapakurthy Satyanarayana Murthy, a retired SBI employee, notes that daily transaction limits through UPI can range from `25,000 to `1 lakh, depending on bank and purpose; and the limits are higher for education and healthcare.
He states that no charges are imposed on customers for use of the UPI system. Additionally, merchants may incur charges based on the transaction type.
Superstar Mahesh Babu has expressed his enthusiasm for the online, phone-linked payment methods and says these are very convenient and helpful to every individual.
