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Old 4th January 2017, 14:46   #61
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

I am a big fan of cashless and for past few years have used cash for mostly toll or parking charges and small payment to household helps.

Have used cards, online transactions, dedicated bank apps, wallets and virtual cards even before this recent push started.

I find some of the UPI apps nice. PhonePe and BHIM are two of my favorites. I have both and more.

One draw back of BHIM is, if you try to generate QR code for yourself, you need to input an amount, in essence you need to generate a new code for different amount every time if transaction value is different.
This becomes a little cumbersome for small vendors like roadside "pani-poori wala".
Small transactions with ease and speed is the main target of BHIM.

I do not like wallets as much for one reason that they are closed in nature and transaction requires both party to use same wallet.

I recently went on a 1300KM trip, and other than one toll plaza on a state highway, all others were paid via FASTag.
Most expenses were made on credit card. Even paid for handi plast bandage (2INR) via PayTM.
Paid for Tea/Coffee using PayTM at many road side shops.
We may think the roadside repair shops will not move to cashless, in fact they are moving towards cashless much more quickly.

Last edited by CarJunki : 4th January 2017 at 14:53. Reason: Added recent road trip experience
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Old 4th January 2017, 15:02   #62
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

Here is the link and pdf for digital payments as detailed by GoI. NITI Aayog!
Very useful and quite detailed.

http://niti.gov.in/writereaddata/fil...ts_English.pdf


"Digital Payments STEP BY STEP INSTRUCTIONS FOR VARIOUS MODES OF PAYMENT:
Cards, USSD, AEPS, UPI, Wallets"
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Old 4th January 2017, 15:26   #63
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

Quote:
Originally Posted by CarJunki View Post
One draw back of BHIM is, if you try to generate QR code for yourself, you need to input an amount, in essence you need to generate a new code for different amount every time if transaction value is different.
You can have a standard QR code with no amount linked. Customer can scan, enter the amount to be paid and send money to vendor.
Profile tab on BHIM shows your personal QR code.

Another options is Vendor can "ask" (request a pull) by entering your VPA. You will get a notification where u can choose to approve the pull.

QR code for a specific amount will be useful for someone who only sells a few items.
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Old 4th January 2017, 16:08   #64
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

I have not got chance to use Bhim because its still not available on my phone platform. A user who has used can they confirm if there is any authentication besides that your phone number is linked to your bank account from bank database (Besides the Bhim Pin) to do this. If there is not then that itself is a bit worrying to me.

So hypothetically speaking if my phone number is on contact of XYZ bank Account which does not belong to me then does it let me make payments from that bank account without any other authorisation.

Last edited by manishkapadia : 4th January 2017 at 16:09.
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Old 4th January 2017, 17:12   #65
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

Apart from the apps, If i use the old NEFT and IMPS via a bank site (in my case, onlinesbi.co.in) , I am still charged extra as transaction fee! (grrrr....). Should they not encourage cashless method. For 1500 rs via IMPS, they charged rs 2.50and for transferring 25000 rs to my Mom's a/c, they charged Rs4.60! What injustice is this !
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Old 4th January 2017, 17:41   #66
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

Quote:
Originally Posted by CarJunki View Post
One draw back of BHIM is, if you try to generate QR code for yourself, you need to input an amount, in essence you need to generate a new code for different amount every time if transaction value is different.
This becomes a little cumbersome for small vendors like roadside "pani-poori wala".
Not True.

Go to BHIM --> Under My Information --> Profile.

It will show you your QR code without any amount attached. You can download this on your phone / print it. The payer then scans your code, enters the amount and processes the transaction.

Hope that clarifies.
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Old 4th January 2017, 18:15   #67
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

Transaction fees is not exactly a new phenomenon, and is getting more prevalent across the globe, though it's not universal (yet).

With banks' earnings getting leaner (by their standards ) and them needing to make more money to satisfy their greed and offset their losses from risky businesses or market-induced losses, fees aren't going away anytime soon, if ever.

Paying the bank to keep your money, and paying them to let you access/use your own money is something we'll need to get used to in the near future.
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Old 4th January 2017, 21:19   #68
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

Thanks @Chetan_Rao, @GJ01 and @freedom

Indeed i checked again and within the profile QR code is resent by default.
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Old 4th January 2017, 21:26   #69
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

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Originally Posted by Chetan_Rao View Post
Transaction fees is not exactly a new phenomenon, and is getting more prevalent across the globe, though it's not universal (yet).

With banks' earnings getting leaner (by their standards ) and them needing to make more money to satisfy their greed and offset their losses from risky businesses or market-induced losses, fees aren't going away anytime soon, if ever.

Paying the bank to keep your money, and paying them to let you access/use your own money is something we'll need to get used to in the near future.
Our Nationalized banks are quite notorious for the fee charged.
We have to also understand that mindset of banks will also be transformed from thinking about an account holder as rich with excess money vs common man with need for keeping money safely.
Before Jan-Dhan accounts were opened for masses (under pressure), none of the banks would be willing to open an account for many such people precisely for this kind of mentality.

Things will change and banks that will charge (or charge more) will loose out to competition.
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Old 4th January 2017, 21:51   #70
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

Quote:
Originally Posted by CarJunki View Post
........
Things will change and banks that will charge (or charge more) will loose out to competition......
The opposite has actually happened in most economies where cash usage has reduced as technology and infrastructure matured. With more and more daily transactions going through online banking channels in the future, our banks will need to spend more to build, maintain and secure their infrastructure, no prizes for guessing who will pick up the tab for that.

Competition will always mean someone's better or cheaper (or both) than others, that happens in all areas of business, but freebies in banking will soon be a thing of the past.

Nothing is actually free to be honest, someone somewhere in the chain picks up the tab even today. Venture Capitalists, govt. in some cases, but will be the end users in the future.

Last edited by Chetan_Rao : 4th January 2017 at 21:55.
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Old 5th January 2017, 08:59   #71
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

Anyone here getting spam payment requests?
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Old 5th January 2017, 12:13   #72
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

Spam payment requests, not yet, but definitely a possibility in hinterland.
Low awareness coupled with few cunning crooks.

By the way spam requests for money is a possibility in all of UPI and wallets. So better be careful.
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Old 5th January 2017, 12:17   #73
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

A group of private buses have introduced a card based system in kerala as part of this ! Great move coz they are promoting it without anyone asking and are also giving 10% discount for tickets!
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Old 5th January 2017, 12:29   #74
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

Why Mobile Wallets Days are numbered - Article in ET today...

http://economictimes.indiatimes.com/...w/56341815.cms
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Old 5th January 2017, 13:52   #75
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

Quote:
Originally Posted by Sebring View Post
Had our first run in with 'cashless' when my sister paid for the Dish Tv subscription via debit card. Shopkeeper charged 200 extra for this 'special service' and later Dish TV denies receiving the payment for 5 straight days. Matter was only resolved when they contacted the agent directly, who helped out (in a way).
Was involving the shopkeeper really necessary? Especially since he was bent on ripping you off? A simple online transaction would have been far smoother than what you experienced. I have been making online payments for all the utility bills for the past 6 years and have never faced any issues till date. Also, because of demonetisation, I am getting cashbacks on payments made via digital platforms.

Effectively I am being paid to something that I have been doing for the past 6 years!
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