do not know bro. that is y i said one should not trust on these apps.
govt. of india wants cashless activities i.e. virtual payments instead of physical payments.
i also heard that paytm will introduce virtual money gateway within next 2 years.
News UPI allows you to transfer money without knowing the bank account
- Thread starter Deepu
- Start date
govt. of india wants cashless activities i.e. virtual payments instead of physical payments.
i also heard that paytm will introduce virtual money gateway within next 2 years.
Govt wants to encourage cashless payments for 2 reasons
i) It will reduce cost of maintaining Notes & Coins
ii) All cashless transactions can only be done using white money (indirectly curbing Black money)
One thing needs to be understood over here is the sole purpose of UPI is to bring all banks on one platform. You can call it wallet by RBI. By this You will do away layers of information that was to be shared when you wanted to receive a payment. You will create a user ID against your bank account and that's the only thing that needs to be shared. So suppose you go for shopping and wants to pay using your bank account. You just need to know their user ID and you can make a payment instantly without need of adding the person to your list and without waiting for the cooling down period. Your money goes from your account and received in your account. So it virtually removes the need of having a wallet.
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