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Old 5th January 2017, 14:51   #76
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

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Originally Posted by srikanthns View Post
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!
Is this for transfer within SBI? In ICICI I've transfer charges of 6 Rs only when making transfer to other bank.

While we are complaining about the transaction fee, we are forgetting about interest earned from SB accounts no?
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Old 5th January 2017, 17:06   #77
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

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Originally Posted by narayans80 View Post
Is this for transfer within SBI? In ICICI I've transfer charges of 6 Rs only when making transfer to other bank.

While we are complaining about the transaction fee, we are forgetting about interest earned from SB accounts no?
I agree, but then let us (govt in this case)not tom tom from rooftops that digital payments are encouraged while charging for the same is continuing on the sly!
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Old 5th January 2017, 22:47   #78
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

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Originally Posted by amit_rai View Post
I have always been a big supporter of Cashless transactions. I prefer it over cash most of the time. Sometimes, I run out of cash just out of Habit.

I also want to take discussion towards BHIM (Bharat Interface for Money).



Yesterday, helped my Barber to setup the app in his phone and was able to transfer the amount (150 rs) almost instantly from ICICI bank to Andhra Bank.

Benefits of BHIM:

1. Instant Money transfer using IMPS Gateway.
2. No transaction surcharges.

Drawbacks :

1. Not everyone is aware of it. We will do great service to educate people about it.
2. Limited amount of transaction can be done.

I feel that for regular small purchases, it has the potential of replacing PAYTM and other wallets.

I agree, not many of us know about BHIM due to lack of advertisement or rather educating users. At the same time, I strongly oppose using PAYTM (due to Chinese investment) and other similar service providers who are benefited from our transaction. Do they earn interest on the amount lying in our wallet?

On the other hand, BHIM still needs to work on its network because 3 of my transactions failed back to back while the same transaction was swift using ICICI UPI. I believe this is due to the network that ICICI has developed with other banks already and has powerful technology.
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Old 6th January 2017, 14:39   #79
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

Today, I wanted to order a refill Indane cylinder by paying online in advance so as to save ₹ 5 through my account in www.indane.co.in. First, I searched in vain for RuPay debit card option as I have a RuPay debit card issued by SBI. So, my hopes of hitting a jackpot in a lucky draw for UPI/RuPay cashless transactions were dashed. The available options were MasterCard/Maestro/Visa debit cards. I tried my MasterCard debit card. While processing, it showed ₹ 1.50 plus taxes for banking charges! Then, I changed my mind and decided to try my luck with the netbanking option. When I selected SBI, it showed ₹ 8 plus taxes for banking charges! I decided enough is enough. Why should I save ₹ 5 by advance online payment, only to pay back to these intermediaries? I cancelled the advance payment option, selected COD and booked the refill. Cashless India, my foot!
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Old 6th January 2017, 14:47   #80
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

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Originally Posted by J.Ravi View Post
Cashless India, my foot!
surprised to hear this because Bharat gas doesn't seem to be charging for online payments. atleast I did not notice any such additional costs when i paid recently for a refill using my mastercard

@rvd8732 - Paytm as such can't earn interest from the money in the wallet because its part of an escrow a/c. But I don't know how this would change now given that all Paytm wallets are now part of PAYTM PAYMENTS BANK for which they have received the RBI license

Last edited by narayan : 6th January 2017 at 14:49.
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Old 6th January 2017, 19:28   #81
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

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Originally Posted by J.Ravi View Post
Why should I save ₹ 5 by advance online payment, only to pay back to these intermediaries? I cancelled the advance payment option, selected COD and booked the refill. Cashless India, my foot!

COD includes other kinds of 'charges' (tips) for these gas cylinder delivery boys Maybe not always, but don't we round off? While PG charges may be a bit discouraging, I personally have a different view on this. I guess these charges have existed all along, since inception around a year ago. The cashback effectively reduces your burden of gateway charges. However, I feel these should be done away with in due course. I do not know the background or the rationale to pass these charges on to the customer. Then there's IRCTC on the other hand, that continues to charge (~1.65-1.8%) except for some tie up with SBI, and lesser if done via Paytm (1.3%). We even incur these 'unreasonable' charges while booking TTD Darshan tickets!

Offering a cashback is most definitely a positive first step. Eliminating PG charges would be the expected way forward, but may have a few bureaucratic hurdles to overcome.

Last edited by satanic_dude : 6th January 2017 at 19:37.
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Old 6th January 2017, 20:22   #82
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

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Originally Posted by satanic_dude View Post
COD includes other kinds of 'charges' (tips) for these gas cylinder delivery boys
Tipping is common to any type of payment, whether by COD or debit/credit cards or Netbanking. My main grouse is, why is RuPay not included in Indane website? Why are periodical lucky prizes announced before doing enough homework like including UPI/RuPay in the mode of payment? The other day, after my XUV 500 had tankful of diesel in HP COCOO in Bangalore, when I produced my RuPay debit card, the attendent told me, only MasterCard or Visa and no RuPay. One clown does not know what the other is doing.
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Old 8th January 2017, 08:44   #83
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

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Originally Posted by rvd8732 View Post
I agree, not many of us know about BHIM due to lack of advertisement or rather educating users. At the same time, I strongly oppose using PAYTM (due to Chinese investment) and other similar service providers who are benefited from our transaction. Do they earn interest on the amount lying in our wallet?

On the other hand, BHIM still needs to work on its network because 3 of my transactions failed back to back while the same transaction was swift using ICICI UPI. I believe this is due to the network that ICICI has developed with other banks already and has powerful technology.
Once thing I noticed with the BHIM app is , it bonds with the sim too. I have a dual sim phone , I registered with one sim, which is tied to the banks. But when I make the other sim the default, and then when I try to use the Bhim app, it fails giving a warning. So I assume, if someone were to spoof my mobile number and password, it still wont , without the actual physical sim, I used to register the same. PAYTM for sure does not do that, as I've used my same account on multiple devices without any complaint. So if somebody gets my password and spoofs my phone number , well ...
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Old 8th January 2017, 16:27   #84
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

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A sudden move by banks to levy a 1% transaction fee on card payments at petrol pumps have taken the oil ministry by surprise and prompted dealers to say they will stop accepting plastic money from Monday, which could inconenience consumers in times of cash shortage and affect the government's move to expand the cashless eco system in the country.
Source
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Old 8th January 2017, 16:59   #85
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TN petrol pump owners have just announced that they won't accept cards from Tomorrow.! I am sure many others are going to follow the suit and we will be back to square One soon.
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Old 8th January 2017, 18:51   #86
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

Yesterday, a CA told me another benefit of payment gateways like PayTM. If you link your Debit Card and make payments from there, then the risk of a hack from your bank account is higher. On the other hand once you transfer to a gateway/wallet your risk is reduced to the amount in the wallet.
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Old 9th January 2017, 13:08   #87
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

Recent visit to ICICI bank, just out of curiosity, I asked the bank person(s), all of them younger than 40 by the looks, they said none of them use anything other than cash for transactions. So they bring their cheque give it to cashier, take cash and spend.

This is a case at bank. So sometimes it is not about awareness it is about rigidness and mental block to change.
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Old 9th January 2017, 14:25   #88
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

The banks are just being greedy charging % based on amount of transaction.
Its not that the cost of the transaction changes for the bank if you transfer Rs 1 or Rs 100.

Get it to a flat fee of Rs ~1 / swipe and all will be happy (minus the bankers).
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Old 9th January 2017, 15:15   #89
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

I got my plastic cards way back in ‘96 and have been an avid supporter of cashless transactions since then. Of course we have come a long way since then however it is the ease of use and convenience that makes it so adoptable even to the hardest of cash users!

This is one more in the race of cashless efforts rolling across the country – feel free to check and review. Personally I have not yet tried it (however downloaded and configured it)

Ultracash - An app by a startup based out of Bangalore.
It has been a while since this app is around. But it makes a lot of sense to adopt it now. Ultracash is an app that enables you to use your cards directly and transfer money to merchants. Through your Credit/Debit Cards or Bank Accounts directly without the need to use the physical cards.
PoS machines charge 1.8% of total transaction amount but this app only charges 1.50 Rs per transaction, making it feasible for local merchants with limited geographies to adopt this mode of payment. Easy to adopt for small merchants and vendors.
Paytm is well known and received by audience thanks to their market but UltraCash works in an entirely different way. For starters, it is not a wallet. Also, with Ultracash, there is no monthly budget limit as observed on Paytm (This restriction often makes us uncertain whether to rely on the app all the time). There is no such restriction observed with Ultracash as the payments are made to merchant's bank account directly.
While they come with their own set of restrictions, both are good modes of making payments digitally.

App Link - Ultracash (https://play.google.com/store/apps/d...customer&hl=en)

News Article from April 8th 2016 : (http://www.thehindubusinessline.com/...cle8452262.ece)

Last edited by sumathindra : 9th January 2017 at 15:16. Reason: edits
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Old 10th January 2017, 00:22   #90
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Default Re: The Cashless Transactions Thread (apps, wallets etc.)

While we hardly see anyone accepting payments UPI or rather they are unaware of this type of service in the market, our office canteen vendor accepts payments via UPI and Paytm without asking for cash. He is more than happy to provide cashless service.
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