UPI in Maldives: Once Maldivians get hooked on to UPI it is...
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- Опубликовано: 21 окт 2024
- Maldives is the latest country to sign up for India's UPI (Uniform Peripheral Interface). What are the implications of this and who gets hurt - all explained!
#Maldives #India #UPI #IndiaOut #CCP
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UPI is not just a game changer but it is also a life changer. Look how it has changed life in India. Just yesterday I paid two vendors ₹ 10 and ₹ 20 respectively using UPI. If we can make payment so low without incurring any charges, it is really convenient.
जय श्री राम 🌹🙏
More importantly, those two vendors are now part of the formal economy, which is the ultimate game changer brought about by UPI. Now the vendor has formal income which goes into his bank account. This formal income, which before was completely cash based and always an estimate, can now be relied on by banks to give micro loans if need for his business. He has white money to pay for stuff in the formal economy. He has proof of income for any other needs. Effectively, a vendor who was nowhere to be seen in the formal economy and GDP numbers, is now fully visible and she or he can be proud that they are contributing to the economic growth of India. If that vendor needs a loan to put his or her children through college, they can get a loan based on their formal income. It is the ultimate game change not economically, but in a true socio-economic sense where an entire mass of population is now connected into the formal economy and all the benefits they and the country get from that.
Moreover people make sure the correct name before making the actual payment. Zero error
Knowing the downfall, credit companies started fighting Aadhaar and UPI before 2018 itself
UPI is a game changer, and there is nothing like it anywhere in the world at this scale.I can tell you that with total conviction as somebody who had implemented such solutions in the private sector
UPI is very easy to implement worldwide, but many nations will not do it due to their love with terrorism, drug and human trade, hawala (money laundering), etc. They will find solutions to balance tech and physical cash.
जय श्री राम 🌹🙏
@@AbhiR0003जय श्री कृष्ण 🌹🙏
❤UPI❤ really amazing product. Thanks to Visionary Mr..Modi and his team.🎉🎉 Thanks to you too making subject crispy. 🎉🎉
Now I use RuPay credit card via my UPI QR code instead of Visa.
Jai Shree Ram....
What you said is true Sir....
Just not only credit cards, Visa, Master, Mastroe all are under pressure.....UPI is our proude
जय श्री राम 🌹🙏
@@parasnathyadav3869 pride
I am shocked UPI is service charge free. In Canada Credit Card companies get a big cut like 3%
It's subsidised by the government for now
Very good analysis about UPI. One day a huge number of countries will adopt UPI.
The quality of your show is increasing everyday. Terrific info and you cover US perspective too. Your session with Sumit is enlightening! Best wishes. Became your fan Sir!!!
very interesting development by India for international trade transactions, what a masterstroke?
This truly is a masterstroke...
Maldives president said to Sri Lankan president India out is Political Stunt to remain in power, but the question is people who supported the movement shows their mindset
I personally don't like middleman dealing. This is one advice close to my heart from my grandpa. 🙏👍❤
जय श्री राम 💐🙏
ಅಯ್ಯರ್ ಮಹೋದಯ ನಮಸ್ಕಾರ 🙏🙏🙏🙏🙏🙇♀️🙇♀️🙇♀️🙇♀️I don't have much knowledge about UPI....thank u for information
Namaskar Shreeji 🙏💐
Namaskar
UPI will also charge in future , banks are complaining because keeping up the books also requires money.
But they are saving much more on their ATM, and the risks involved with handling cash.
If they are using cash also they will require the same infrastructure / computers, in addition a number of tellers as employees in cash counters. Besides when a person is using upi the cash he is using is already deposited in a current or savings account which makes profit for the banks due to their low interest.
@@anilbdas562cash handling charges are very high nowadays
Bhartiyas need to switch to Rupay Credit...leave visa master diner for mericans
Great Iyer ji
Yeah, credit card usage might not be as high as it could have been, had UPI not come up. But, the total amount of money from credit card transactions has still shot up quite dramatically in India, due to a section of the population now getting into the habit of living on credit.
Banks have started charging 0.25p per sms already
UPI can be linked to credit cards and the seller gets his full amount. It works only when the seller is a registered business.
not for foreign tourists dude
UPI is unified payment interface. So correct description of video
Happy to note india is leading UPI revolution
Future charge will come .5% or 1% if fair enough to generate a huge imcome
My take is government should not charge UPI at least in India ever. The reason is very simple it made cash transaction obsolete, eliminated the cost of handling and printing currency and checks and other banking stationery.
But the most significant advantage is government can track every transaction and prevent the biggest factor blocking India's development tax evasion a matter of history. Even one percent of the savings made in this account will handsomely pay off the expenses of UPI.
Superb info Mr. Iyer...
ஜமாய்ச்சுட்டேள் போங்கோ!
ஜெய் ஸ்ரீ ராம்
जय श्री राम 🌹🌹🙏
I differ with you Sri Iyer, Sir. UPI is replacing Debit card usage. Not credit cards. CC users in India use it for accumulating points, the "free" 15-20 day credit cycle, various EMI offers on CC, buy things for which they don't have the money and sometimes to enhance their credit rating and build a solid credit history.
What has hurt Visa and Mastercard is RuPay D/C cards. Which charges far less from the merchants.
Also, you can be sure this mercantile BJP govt is crying everyday for the commission-free UPI txns...That free of charge won't last long.
I’m an Indian Overseas Citizen with dual citizenship in two other ‘first world’ countries - I can’t wait for my next trip to India to get my PAN …excited to be part of this new wave, but as I cannot have an Aadhaar card unless I stay in India for a while I may not be able to get a UPI code or whatever it is 😢
जय श्री राम 🌹💐🌹💐🙏🙏
@@parasnathyadav3869 Ram Ram jee 🙏🏽 🌺
And then there was Transaction Tax. And everybody lived happily ever after.....
We have UPI BASED CARDS ALSO.
Thanks for the info 🙏🚩
Good information
Jai Bharat Jai Mahakal ❤
Fantastic news
If charged transactions shall come down drastically
Its not fair to compare UPI and credit cards; it should be compared to debit cards...
Even CC got impacted.
Thank you
Modi and BJP have led India with a vision not to say they are perfect but hard to imagine opposition doing anything good for country like BJP have
BRICS pay also launched step towards reducing vulnerability due to Western monopoly on financial systems and geopolitical manoeuvres visionary leadership by Modi and BJP
Now, most businesses in Bharat (India) do not accept card payment, not even debit card let alone the credit card!
When I use my credit card, I am not charged anything but infact get a credit of 30-45 days and in some cases extra discount too. This is not the case with upi. My money goes immediately. UPI is best for smaller transactions. I may be wrong but it is my perception.
Don
Don't forget that after the grace period the charges are pure usury. I suspect that here is where the card companies make their real money, Moral: if you are frugal and attentive to detail in money matters credit cards are convenient.Else its a rip off for the card companies.
Yes, you are wrong....Rupay Credit Card transactions are now allowed in UPI ( Phonepe googlepe etc).... So you can pay anyone with your Rupay Credit Card via UPI.... You get same 30 to 45 days as usual.... We have been using this for last 8 months..... It's really super convenient.....
Can I say -Reduced CHQs/ Stationery at Banks - CREDIT CARDs only I don't think not affected - normally DEBIT and Credit cards Runs by MASTER and VISA CARDs Those might HV not much affected.But really I neverr used CHQs / visiting bank/ Usage of Debit card refused atleast 90%
If I am not wrong UPI doesnt give credit but credit card does and hence its still in use. As far I know UPI is same as Debit card not credit card..
Namaskarams sriji
हर हर महादेव 🌹🌹🙏
upi started charging since last month
Good video sir
UPI should introduce in Ration shop Custom and Govt liquor shop
I have to say this: One week before her death due to cancer, Meera Sanyal replied to my tweet and said that funds transfer is possible even via feature phones....I didn't know at that time that she was terminally ill. But when you talk of how good UPI is, perhaps you should also tell the story of how it was made and who were the brains behind it.
UPI should be subsidized for purchases within a price limit, " because the poorest among us will use it as a convenience, and the cost should be offset by greater economic activity and discretionary spending at the lowest levels" and stimulate commerce. Every Indian citizen is entitled to a Zero-Balance account. And don't forget the GST on taxable items.
Credit Card users are getting amazing discounts on Flipkart and Amazon for shopping.
Manmohan singhs masterstroke... No Modis
Please change the description. UPI is "unified payments interface". Not "uniform peripheral interace"
UPI payment is payment of my money....but credit card is someone else's money that I pay later. That someone needs some benefit which is that 2.9%
Yes. 2.9% levying is good ammount.. A business underway.
UPI is spreading within and across Globe.
Nowdays, even while making on line payment to Govt company like State owned electricity board has started charging additionally like convenience charge..
"Unified Payments Interface"
I guess we already had agreement with Singapore ans France right ?
UPI or a debit card are not comparable with a credit card. When ur pocket is empty and you have an emergency payme t like hospital bill a credit card comes to ue rescue even if it charges a little.
Not true. The CC company is NOT the one extending the credit/ loan to you. It is the bank behind the CC that is doing it. The CC company is in fact skimming the fat off the milk for simply providing the network which a UPI has now levelled. There is NOTHING stopping a bank from offering similar credit schemes and continue having that linked via UPI.
You can integrate rupay credit card with UPI ..so you get credit for 30 days... cards are used for getting qccess to airport lounge and ability to enabling or disabling atm or ecom txns incase it is stolen
Great 😅
Upi is not hooked backed by gold silver or any commodity. As long as its not backed, its just another fiat digital paper
👍👍👍
Use of UPI is mostly in small amounts where mostly credit card is not acceptable. Any place where CC are accepted I use it.
One difference is that Credit 💳 Cards are using borrowed money (money you may not immediately have in your bank account).
UPI is using only money that you have.
Perhaps UPI can be extended to offer micro loans for emergencies 🦺 (e.g. for areas experiencing natural disaaters) to purchase certain essentials (bottled water💧)?
Lots of ways UPI can be customized.
Only danger is that govt gets carried away with controlling the lives of people to profit a select few banks or corporations who have gained infleunce over politicians.
Which is why private issuers of currency should always exist alongside govt schemes.
👏👏👏👏
Some merchants block UPI through rupay credit card....
It's just a matter of time when all will block payments through UPI credit card....
Also government will charge the Indian public for using UPI.... Government takes good care of its citizens......
Some people don't like this treatment that's why they move to EU, US etc.......
Seller gets cut when money received via debit& credit cards. Hence, seller has to fix higher rate, ultimately buyer pays the charges. Many refuse cards due to this & also delay in getting money. In UPi, money credited instantly.
You can make payments anongst yourselves also using UPI cards.
2.5%
@PGurus @sree - love your work.
in the video, you said third world, but you mean global south, don’t you?
please lets use the terminology thats not regressive. thanks.
UPI will kick out debit cards and not credit cards because both in real time debit money from your bank account. Credit cards are by definition “credit” givers and UPI does not provide for credit facility.
I think you are mistaken here.
While paying to mobile bill /recharge or electricity bill etc direct from UPI portel like Paytm mobiwik etc service charge is charged
I don't think credit card usage has reduced Sree sir. India introduced Rupay Credit card nd it's linking wd UPI was allowed pretty recently like couple of years may be. So reduction in Credit card usage will take time.
ONLY the Debit card transactions could be less due to the UPI transactions. How come the credit card users would shift? UPI payments require money in the account whereas the credit card payments are almost a short loan kind of arrangement to the users.
I did bot use it since last five years
👍
Very small payments from 1/- rupee to 2000/- when charged , then ?????
. Another murder story by credit card companies on american soil 🤣
oh ok ok ok ok
But sir, r u suggesting that in future, UPI will charge, us ? For our own money in the bank ?
UPI eorks without knowing recipient bank details. Only mobile phone no enough. So safer.
its a wrong comparison . Credit card- as the name means, its a payment without a credit balance in the account. One uses the borrowed money and they are free , Provided you pay in full within 30 days. So you have 30 days of the bank money to play with.
Thats not the case with UPI as one can pay only if their is money in the bank account. this is similar to Debit card issued by the bank.
Debit card issued by the bank in many countries , within the country works like UPI or RUPAY card.
So you tell me which is better a credit card with 30 days free credit or a UPI which is a debit card
For credit card & debit cards, seller gets a cut, which in real sense borne by purchaser, by way of increased price. Credit cards also affected by UPI, since many are not accepting cards. The advantage in UPI is instant payment to seller
🙏👍❤
I don’t see a comparison. UPI spends money u have, credit cards are credit, at 40% interest. Of course there are some cash back scams when sellers sell at 200% cost!
Why Mastercard has opened such a big office yesterday in Pune when Indian market has plummetted due to UPI despite backroom US lobby? O
Or is this office backroom GCC stuff?
Your insighful comments regarding a UPI promoting cashless transactions amongst countries is though provoking and reminds me of the prophesy in the Bible made 2000 years ago that the world would make a global move of cashless transactions; adoption of such a mode of transaction would be made 'compulsory' and those who refuse to accept such terms would forfeit their lives.
Will u pl do consider to tell . What is the benefits of the people who are working Indians in Maldives .
Now sbi have announced that . They can remit only 250 dollars to India . Most of the people used to send min 500 to 1000 dollars for their needs in India .
Will u pl do tell
Credit Cards or Debit Cards ?
screw the credit card companies who are fleecing people. damn the banks who support it for their own profit. thank you Modi ji for UPI...
Why do we trust Maldives.
INDIA must stop bailing out her neighbours n leave them alone..but watch their borders n maritime borders.
People who don't have any knowledge of geopolitics stay away from social media or at least choose not to comment !!😂😂
I would like to mention that Credit Card usage will not go anywhere because they offer cashback up to 10%.
I am using my Credit Card to get 5-10% cashback. I use upi for very small value transaction or places where I don't get cashback.
I really would like 10% cash back. Which company is giving that?
What is the barrier to entry for American banks to come up with an alternative ? The tap card system in Europe is one such.. there is no real fees
I will see American companies themselves killing the credit card as a charge card business in the mid-long term.
Majority of Hindus got pride & real Freedom of Expression about their Religion from Modiji's period inspite of getting abused by Urban Naxals😡.The Greatest failure of Modi1.0/2.0 was that he could not be able to rewrite the true History of Bharat inspite of having majority in Lokasabha.
Dear Valued Customer,
Due to the current acute shortage of foreign exchange (USD) in the market, we are compelled to limit MVR-INR remittances to USD 250 per account holder with immediate effect. We will continue to monitor the situation and aim to restore the limits as soon as forex availability improves. Recent reforms by the Government of Maldives are also expected to provide some relief in the near future.
We kindly request your understanding and cooperation during this time.
Sincerely,
SBI, Maldives
Don't they make money on the average turnover? I think they do + as campaigns + games & offers + rewards program ... etc they make money alright!
But the autorickshaw drivers are hell bent on extracting change from the commuters .They never part with change. Banks do not distribute small notes. When these guys are earning money why can't they extend the facility to commuters by accepting fare in upi? Government is also spineless. Neither do they help the customers through their banks nor do they enforce use of upi by the earners. Of what use having RBI and Fin ministry? Simply to earn salaries?
Shri Iyer ji, I love your work. But if you start portraying every bit of progress that India makes as a loss for US or China, you will only create anxiety and negative emotions. I would like to think that life is not a zero-sum game and that all societies will benefit from efficient technologies. India's progress should stand on its own without always linking it to some other country's loss. Don't fall into the wes***n newspaper headlines trap of 'With an eye on China, India does this, or India does that etc.". Just my 2 paise.
Namaskaram sree iyer sir 🙏 JAI HIND 🙏 JAI BHARATH 🙏
What is going to stop the islamic mentality of the muslim radicle thinking.
Why Ambani & Adani are the richest...
Why not Tata....??
As shared by an Army Officer
"It’s always not about Business”.
I was on Temporary duty to attend Republic Day parade in Delhi.
I had to stay for two nights in Delhi.
So, I stayed in hotel TAJ
I had specifically chosen the hotel because of its location.
In the evening, I called the reception and requested them to get my dress ironed.
After a while, the room service boy came to pick my dress. I handed over him my uniform for ironing. He was shocked to see my uniform and politely asked Sir, you are in Army. I replied yes, he immediately took out his mobile, and took selfie with me and said Sir, I am seeing an Army officer for the first time. I have seen them in movies only. He instantly stamped his feet and saluted. He said Jai Hind Sir and left.
After awhile, somebody knocked the door. I opened the door and to my amaze two beautiful girls were standing with their cell phones in hand. One of them said Sir, we request for one selfie. I didn’t know how to react. I smiled like a fool. I gave them chocolates from the mini bar, as if they were kids. But you know, what nervousness can do to you. It stops the logical flow of thoughts.
At around 2100 Hrs, I Got a call from the reception, asking me if, I can come down for the dinner as it can’t be served in room, in an extremely polite manner. I went down to have dinner, then I noticed the real beauty of that place, amazingly awesome interior. Landing from the jungles of Kashmir, the ambience was too shinny for me. The moment I entered the main arena, to my surprise the entire staff was standing there.
The staff approached me with manager leading the contingent. The manager said - Welcome to our hotel Sir, It’s our pleasure to have you in our hotel, handing me the beautiful bouquet. The manager himself had dinner with me.
Next Day.
To my surprise, I was provided with a BMW car by the hotel for my move to “Rashtrapati Bhawan”. Frankly speaking, we are not used to such type of VIP treatment. We fauzis are more comfortable in our Gypsy.
Day of Check Out.
I went to the reception, handed over the card.
Receptionist: Thank you for your stay Sir. How was your stay?
Me: Stay was very comfortable. My Bill please.
Receptionist: Your stay has been sponsored by our hotel. You protect our Nation. So this is our small token of gratitude for you. We respect your patronage.
*It was not about the saving money which made me feel good, but it was about the respect they have shown towards the “Olive Green”*
I was deeply touched by this gratitude, What a great nation we live in.
After that incident, I wrote to the CEO of TAJ group of hotels. Narrating the incident and appreciating the gesture shown by the Manager of TAJ Delhi.
To my surprise, I got a return mail from the CEO stating that TAJ group of hotels have decided to give discount to Army officers for their stay in TAJ hotels across the country.
Wow, what a way to pay the tribute and respect to the soldiers.
*TATA has the best work ethics environment.*
That's why they are not the richest unlike other corporates.....
So in moral if you have money without ethics you are no good to the society....