[RSR]

First, I take this opportunity to wish all members a very Happy New Year!

The dawn of the calendar year 2017 also happens to ring in the new (cashless transactions) after booting out the old (500-rupee & 1000-rupee notes)!

The massively popular thread on demonetisation (Government scraps Rs 500 and Rs 1000 notes!) has several informative posts on cashless transaction methods. However, they tend to get drowned in the wider demonetisation debate. I believe a separate thread on cashless transactions would be useful for many who're coming to terms with the newer transaction methods.

Let this thread be the place for discussions, queries, security/privacy concerns etc. on cashless transaction methods such as bank apps, mobile wallets, BHIM, UPI, USSD (*99#), AEPS etc. I request members to refrain from bringing in demonetisation (& related issues) on this thread, as we have a separate one for that.

Let me begin this thread with my query, which I had posted on the demonetisation thread:

Does any non-ICICI Bank customer use ICICI's app called Pockets?

I liked their concept of giving a virtual debit card (Visa) to users of the app, so I downloaded it. One can even open a mobile small savings account from the app and/or apply for a physical version of the virtual debit card.

It works fairly well for the most part, but I'm facing problems with loading money - the app has issues with accepting payments from certain debit cards (ICICI Bank customers would not have to go through this, as their account can be linked to the app).

Has anyone else faced the same issue?

[deehunk]

Originally Posted by RSR

First, I take this opportunity to wish all members a very Happy New Year!

The dawn of the calendar year 2017 also happens to ring in the new (cashless transactions) after booting out the old (500-rupee & 1000-rupee notes)!

Let me begin this thread with my query, which I had posted on the demonetisation thread:

Hi RSR, after reading your post I have created an ICICI pocket account and added the same as a beneficiary in my SBI account for making NEFT transfer. The app does not include few nationalised banks for transfer of funds through Debit Card. I have to wait for 4 hours to add funds to pocket account.

[mvadg]

Originally Posted by RSR

Let this thread be the place for discussions, queries, security/privacy concerns etc. on cashless transaction methods such as bank apps, mobile wallets, BHIM, UPI, USSD (*99#), AEPS etc.

+1

Thanks RSR.
I've been avoiding the use of newer cashless methods because I lack sufficient information on the pros and cons of these methods.

I think there are some very knowledgeable TBHPians here who can provide the kind of answers we are looking for.

May be someone can design a comparison template for all forms of money (or at least the newer forms against the more traditional types like credit cards and cheques).

[madmaxvistian]

Originally Posted by RSR

Let me begin this thread with my query, which I had posted on the demonetisation thread:

Thanks for the thread.

The Pockets app from ICICI is poorly organized IMHO and having issues during transaction a couple of times after which I critiqued on play store with the issues/bugs for the developers to fix/consider.

I believe, it was HDFC who brought this virtual cards concept through netsafe portal long time ago and I've used that to a large extent and found very useful.

Now they offer PayZapp application which is very well designed & easy to use with very minimal efforts. To add to this, they have some nice offers for using it on selected Vendor Portals/Apps such as Bigbasket etc. You can add other bank's cards as well and choose to use it either directly or through virtual cards.

[Simhi]

Originally Posted by mvadg

+1

Thanks RSR.
I've been avoiding the use of newer cashless methods because I lack sufficient information on the pros and cons of these methods.

I agree with you especially the security aspects of using mobile for transactions. If there are security experts in our forum, they can throw some light on security aspects surrounding mobiles as well as data transmission over telecom networks.

In last 2 months, I have been forced to use wallets (ola money and PayTM) basically for availing cab services. Otherwise, I have been avoiding use of mobile for cash transactions.

[rajivr1612]

Originally Posted by madmaxvistian

Thanks for the thread.

The Pockets app from ICICI is poorly organized IMHO and having issues during transaction a couple of times after which I critiqued on play store with the issues/bugs for the developers to fix/consider.

I believe, it was HDFC who brought this virtual cards concept through netsafe portal long time ago and I've used that to a large extent and found very useful.

Now they offer PayZapp application which is very well designed & easy to use with very minimal efforts. To add to this, they have some nice offers for using it on selected Vendor Portals/Apps such as Bigbasket etc. You can add other bank's cards as well and choose to use it either directly or through virtual cards.

Hi, I have an ICICI account and have downloaded Pockets app. I also requested for the physical card and got one within a week.
The benefit of using the physical card is that it is like a prepaid card and can be loaded with any amount and also it doesn't have PIN which can be considered a pro or a con.
I found this beneficial since I usually load it for Rs.1000 only at one time. During my last trip from Chennai to Yercaud I paid all tolls using this card. The pro was that I didn't need to type in the PIN at each booth.

[a4anurag]

Not sure if this piece of information would be useful but just posting for the benefit of all.

Post demonetisation, which digital payment method to use? Here's how to choose

SOURCE: http://economictimes.indiatimes.com/...w/56173994.cms

[aargee]

Offlate, I get a feeling that all these cashless systems are creating a big chaos to the financial system, but then, I also get a feeling if I'm getting too old to understand them & hence my feeling. No certainly not, if I can understand mobile wallet, bitcoins, it's certainly not anything got to do with understanding.

It's just a feeling that, systems are getting too complex there by these agents (be it digital payment provider, credit card companies & banks) are gaining upper hand by blocking with several virtual layers in accessing the real cash & ofcourse several layers of people in between from support executive to team leaders to nodal officer & ombudsman incase of addressing grievances. And when every appliance to education & financials to stock markets are increasingly dependent upon telecommunication, the internet also becomes the easy & one point target for destabilizing the economy be it deliberately or unknowingly.

[GTO]

I hate cash transactions and have been (majorly) cashless since years.

- I use my credit card only when out at restaurants, shopping etc. Perhaps the only thing I use cash for is paying tolls, parking charges and the like.

- All utilities and recurring payments (electricity, gas connection, phone bills) are paid via NEFT. Have set them up for auto payment (with an upper limit, at which my intervention is required).

Everyone accepts card payments & wallets these days. A dhaba we stopped at over the weekend proudly had the Paytm logo displayed. The dude who delivers groceries to our place walks with a credit card machine. Food ordering is via Zomato, which is again cashless.

Cashless is the way forward .

[tht'snotME]

I believe the way forward is Cash less transactions. People have to come forward and make this opportunity a great success. if there are numbers, 100% sure each bank will create a app which is more secure which will pay way for secure cash less transactions.

if you ask anyone who have gone to some developed countries they surely vouch for cashless transactions, i myself have experienced it in Seoul 7 years back, if you have a credit/debit card it is more than enough.


@aargee ,

with the black money issue(read the new 2000 rupees found from few individuals by IT officials) we have i think we can endure some problems but if we are ready to go with it. i'm sure it will benefit our future generations.

only concern being the uneducated/daily wage earners, who find it difficult with all the banking/other transactions. soon enough there will be solutions for these as well.

[amit_rai]

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.

[freedom]

Originally Posted by amit_rai

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

I got going as soon as PM made the announcement about this app. Its super easy and the best UPI app. It does only few basic things but does it well.

[Rajeevraj]

I installed BHIM and kind of liked it. Unlike Paytm and the likes, no hassles of pre-loading money. For the recipient also no hassles of transferring from the wallet to bank account.

As part of the initial set up, as soon as I selected ICICI, my account number showed up and I was done with set up. This is both super cool and a little worrisome. Have not used it extensively yet.

[ampere]

Originally Posted by Rajeevraj

This is both super cool and a little worrisome. Have not used it extensively yet.

Same feeling here as well. Quite concerned on mobile security.

The other big point: I dont see Citibank on that list. Would have loved to have it.

[rajivr1612]

Tried to install BHIM. But getting the following error. Anyone else got this too?