HOW “UPI” KILING VISA, MASTERCARD LIKE SLOW POISON
“Usually, when an entirely new era is delivered, the United States and China come to think,
But in India, when everyone is talking about Blockchain and Web 3. Then the UPI machine turned into an app. The rapid decline in the market share of huge companies such as Visa and credit card is due to UPI.
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Systems like RTGS, NEFT, IMPS and UPI, why are these structures exclusive? Why no longer combine them all into one tool? Because of the UPI, candy-making companies are at a loss.
Because since UPI has implemented,
Candy retailers exercise,
In preference to change the cash has been discontinued.
In the event that you transfer cash from one bank to another,
This does not mean that the bank fills a truck at night
It pays the deposited money
For the day to another bank.
Even after UPI appeared,
It has become a topic of discussion everywhere
From Silicon Valley to Australia.
UPI
Reserved Bank with State Fee Corporation of India.
All 29 banks that initially chose UPI,
Closing bills in India month
For every occasion we transfer money online,
We use NEFT or RTGS or IMPS all of these.
So, the first question is why is it so unique?
What is the difference between most of these structures?
What changed into a weak point in that
raised about the introduction of UPI?
UPI has become a topic of conversation anywhere
From Silicon Valley to Australia.
Whether or not India is almost at the top in digital transactions.
Or it is a campaign to develop digital India.
UPI is in talks,
Even critical examples posted it
The agency that makes the candy is at a loss because of the UPI.
Because always due to the implementation of the UPI,
Exercise shops that distribute sweets
Instead of trade the money has been stopped.
That’s the barcode you notice on the front of the little kiosks
UPI has made a game changer.
You will see day by day who delivered the UPI?
There may be a line of people who attribute the credit to who made it.
But in fact, why did there turn out to be a desire to introduce a UPI?
And what do UPI
Does this make the name India so popular?
So, let’s talk about all these in the element.
In case you need to transfer money to someone in advance,
Either give him coins
Or used to transfer cash through the bank.
Banks used to keep huge records,
It contained a lot of leaves
Where all transactions of your bank have been preserved.
And I walked to 3/4 counters to finish checking.
Required to maintain the ledger.
A minimum account balance must also be maintained,
This changed to why people consider a financial institution
Transfers as an absolute closure alternative.
People who lived far from home
Because of the assignment or studies,
So, they used to send money through someone
Or used to apply money order etc.
Moreover, there was no way to music or not
Financial schemes from the authorities
It was, in fact, the realization of the supposed recipients.
Small payments were good,
But, the colossal thrust, which was paid in lakhs,
The authorities wanted it to be carried out by the bank.
This was the reason for that
full charge system acceleration,
RBI Advanced RTGS Propulsion Device from IDRBT.
Actual total time agreement.
Think of it this way the system was created
Where people’s money was transferred instantly.
With out to the financial institution.
It takes creating and maintaining such systems,
So, this tool was easy to use for these humans
who have to switch more than 2 lakhs.
And do it right away.
And there were some prices in line with the transactions,
This is the amount you have to pay to use the RTGS tool.
This system can be used by any Indian citizen
Banks can also use it.
In the modern era, in the case of transferring money from one financial institution to another.
Therefore, she does not do that”, “Indicate that the financial institution
The money that was deposited at some point in the day will be credited to you
In a truck and shipped to another financial institution sometime at night.
In this clear numbers are exchanged,
while exchanging cash,
The domain on your account has been reduced
It is delivered to the account of others.
Just like we have bills in the banks,
Similarly, all the bills of financial institutions are in the Reserve Bank of India.
You can understand this whole component
In a way like Paytm wallet.
In it, no matter how much money we move,
But the real cash stays with Paytm,
By now, you will be traveling or transferring cash.
There may be the same concept between the RBI and the financial institution.
The financial institution can exchange numbers,
However, in the end, RBI computations are simpler.
The query is that the numbers are exchanged,
However, when we withdraw from a check or an ATM,
How is it maintained?
Therefore, the RBI keeps the coin fund in distinct areas
There may be money in it.
If the banks have more than enough coins,
Then the financial institution deposits it into the foreign exchange fund.
And if the financial institution wants to get coins,
He takes it from the foreign exchange fund.
The foreign exchange fund sends daily reports to the Reserve Bank of India
This is the amount of cash lots that are deposited or withdrawn by the banks.
The permit faces an additional problem here,
Banks such as Axis Financial Corporation, HDFC and ICICI,
These are in competition with each other.
They now do not percentage any records in their clients.
None of the offers were accepted.
After that, if one person from the banks needs
To transfer money to a person in another bank,
Then it happens now.
So how does it work?
Let’s look at it with an example,
Suppose you have an account with an HDFC financial institution
And you need to transfer one thousand rupees to Axis Bank,
So you will order online or using a financial institution
This request will visit the tool made by RBI,
RBI will confirm whether there is money in the account or not
From the individual sends the cash or does not return
On the other hand, it will also be verified
Whether or not the recipient’s account exists.
Once the RBI checks their entirety,
will change the price.
And you must pay the transaction fee.
The quantity you pay is according to the NEFT or RTGS transaction,
They are priced because of this.
Therefore, the Reserve Bank of India (RBI) mainly acts as an intermediary
Among these types of banks.
All banks have opposition among themselves
But they are almost confident in the RBI.
The RBI will not leak any details anymore.
Earlier NEFT and RTGS in India,
RBI recognized the electronic clearinghouse provider ECS in 1990.
It was paid in bulk
Income, pension, etc.
In keeping with the times at that point,
became exceptional.
But it wasn’t that advanced
That’s why in 2004, the RBI introduced RTGS to humans.
Actual total time agreement.
But then the Reserve Bank of India realized very quickly
There must be a charging system
For much less than 2 lakhs transactions.
And in 2005 he added RBI NEFT.
Inside the payment instrument, the RBI stated that there are no restrictions,
the amount of money you need to transfer,
If you want to convert one rupee,
Then you can do it.
Now there are a lot of costs at work
Such small transactions are in real time.
So a rule was imposed
That the banks will complete the transaction in batches.
This means that there can be an hour for 30 minutes,
Anything requesting NEFT money transfer will come to the bank,
may have to be shown and
The transfer was carried out collectively within the group.
Earlier it became an hour but recently
It is converted in half an hour.
This is why you may notice when you do NEFT,
Cash arrives in the account after half an hour.
NEFT form 48 companies and exchange money consistent with the day.
Despite the fact that the Reserve Bank of India advised that there should be
number”, “Any transaction expenses in a financial savings account,
But this is the amount that has to be paid according to the transaction.
Whether the mileage is NEFT or RTGS,
In advance, all banks used to do transactions only in operating hours.
Since the device was previously unreliable,
If there is any problem, it will be
Solve in the bank clock
But as a tool and generation became trusted,
He began his transfer for 24 hours.
But still, this graphic device is no longer available to humans.
The government turned out to be aware of it
In case they need to join more people
With the default payment device,
Then it should be way less difficult.
IMPS was brought in in 2010
Instant Shipping System
With the advent of IMPS, you can now
exchange cash by pressing the button of your cell phone,
It has less options than lakhs and transfer instantly
To use IMPS, your mobile smartphone and MMID are required,
Inside the IMPS Payment Tool, your verification
It is based on your cell SIM card.
The SIM connected to your cell phone.
Because of this, you should have noticed it
If you put a SIM card on your cell that has nothing to do with the bank,
You are definitely not able to use the mobile banking applications.
This structure is also used in UPI.
to talk then
First of all, the restriction of money transfers becomes IMPS 2 lakhs.
After that, it was sped up to five lakhs.
The way NEFT and RTGS are administered by RBI,
IMPS is administered via the NPCI.
NPCI also transformed into a non-profit corporation using RBI in 2008.
NPCI brought IMPS
The NPCI additionally provided a UPI.
There may be a union of many banks in the NPCI,
In advance it had 10 banks but in 2016
13 public district banks, 15 private banks,
One foreign financial institution, 10 cooperative banks
Seven neighboring rural banks were introduced.
Whether it is far from NEFT, RTGS or IMPS,
In this type of structure, you can transfer money online instantly.
But after this bank you get the beneficiary advantage
While you are dealing for the first time
Banks do this for your safety.
After adding the beneficiary
The bank takes a time referred to as the cooling length.
In the cooling period, notify banks
You are in exclusive ways like SMS or emails
So that it can be proven that
The deal is achieved by equality
The individual who has the account.
RTGS is there in case you need a bigger switch
From two lakh batches on the spot.
If you want to switch much less
And you can watch for half an hour, then you can use NEFT.
And when you have to charge much less than
lakhs immediately and with mysql then use IMPS.
However, humans no longer have a choice
To shop for merchandise from direct merchants.
Required to upload a beneficiary to transfer money,
It turned into a time to swallow,
In fact, in case you need to exchange cash through online banking,
Then you need to monitor more than one step,
You have to expect OTP
Then in 2016, he solved all these things
Changed to delivered through NPCI
Unified Graphics Interface i.E. UBI.
UPI was initially added with the help of Raghuram Ranjan and Dilip Asbe
UPI is taken into account to be the mental chain of these
UPI is the advanced form of IMPS
UPI operates in an identical architecture and technology as IMPS
But UPI provided one default fee
Price title instead of post
IFSC code or account etc. to transfer money.
Now you can do fee transactions
From digital shipping deals abroad
Share any of your information
Which is called a UPI identity.
Honestly UPI is completely QR code based system
Which is not the simplest budget transfer,
It is also the merchant price system
Where you can without problems buy goods and make payments.
Earlier you can not ask for a charge
However, UPI”, “Buyer needs to share it among themselves.
And if this is the case then their consumer
The details may be way ahead of its competitors.
And network agencies noted an answer to this,
Visa and credit cards are known as network institutions.
They stated that every financial institution in India is in a state of loss
You must spend a lot of money to build an ATM
So these network companies said to the financial institution
This does one thing,
Do not now attribute customer details to each other
Provide us with details
Every time a person uses an ATM,
We are able to confirm its information ourselves
Once the information is displayed,
You allow ATM transactions of each variation.
And about the sponsor’s details,
Then we will carry them comfortably.
But the community business owner i.E. Visa and
Credit card costs are consistent with the transaction money on it.
Whether it is an ATM transaction miles,
Fees associated with merchants.
This is referred to as the discount rate for the MDR service provider.
The authorities have already cleaned it up at UPI
That there will be no MDR fees in UPI transactions.
This is why UPI is in a hurry
Below is the Visa and mastercard market.
Simply on August 17, 2022, the RBI released a discussion paper.
The note noted about UPI collecting transaction fees,
There was a lot of fuss about this
But the Ministry of Finance put an end to the concern
Emerging from this ongoing paper from
RBI on August 21, 4 days later.
The Ministry of Finance published a tweet
The government has no purpose
No fees are charged to the UPI.
A deal worth 800 euros of UPI fee is about 2 euros.
Now, in this example, while a UPI transaction is not loaded in any way
Permission for companies and banks that have a UPI platform
How do they earn money?
according to file%
‘The extraordinary rise of UPI in India’
This company collects these price records
Then upgrade it to Telcos and NBFCs
In a selected internal organization.
UPI is growing very fast globally well
Every time you need to make transactions outside the US
So you should use speed
All sides of the plaza are connected through this
And now people are able to pay outside the house because of fasting
As in India, we use the IFSC code
In addition, when the fee is to be paid from the doors of India,
We are using express code instead of IFSC code.
Recently, in the war of Ukraine and Russia,
The United States quickly banned Russia.
That is, all the banks of Russia were outside the express payment machine.
Because of this, so was Russia
Completely isolated from the global market.
People were dealing with a variety of difficulties in their business,
However, if UPI is well implemented all over the world
So India can be safe from everything
NPCI started a subsidiary called NPCI
NPIL Restricted International Billing
Which has taken UPI to the global level.
UPI is performed in Singapore, Bhutan or Dubai
India’s vision is to operate UPI across the globe.
UPI is now linked to credit cards too
In advance, if I have a UPI, I can go shopping
Make payment using QR code scanning
But the UPI remains linked to the debit card only
You cannot be paid with a credit card.
Now that the UPI is linked to the credit card,
I am able to pay with my credit card correctly.
With this, the bottom of the UPI will
Likewise booming all over India
While introducing an entirely new technology,
The appeal of the United States or China comes to mind.
But in India, while anyone turned to Speakme about him
Block-chain and Web3
UPI tool turned into applied,
No deal value, no middleman,
Payment is made within 2 seconds to a few seconds and payment is made by 24 method 7.
UPI investigation research,
In addition, Google suggested to the US government
That we should also have a system like UPI.
In the United States, the Federal Reserve had to bring”, “FedNow
For real-time payments that are incentivized by UPI
But the United States is not satisfied with the growth of UPI
Due to the fact that Visa, Credit Card and Express are entirely US-based
Let’s discuss too
What are the difficult situations for UPI?
The way UPI transactions are evolving so quickly,
Its infrastructure is not growing as a result.
UPI grew unexpectedly
But there was no major exchange within the infrastructure.
This list has doubled that mainstream infrastructure
You will not be able to manage the transaction amount.
In addition, the problem with UPI is that UPI is 0% fee coverage,
Therefore, there is no revenue for banks or fee transfer company.
So these people also don’t sell it
Inside the method, they promote credit cards and debit cards.
However, nothing was achieved regarding accountability
Failed transactions in the UPI payment instrument.
There are no accurate statistics on failed transactions and their types.
In addition, she has more than one anxious player,
Because of this accountability for the deal
Failure is not always fixed on anyone’s character.
But the subtle component is that the steps are also carried out
Taken to consolidate the charge of failure of the deal.
Like the RBI will make a united conflict
And UDIRC Revolution Management Machine Released
To deal with the chance of a failed UPI cake
This tool will help customers with the release
Court cases and follow up their resolution.
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Click to claim your reward today 👇
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You can download the INDMoney app.”, “Usually, when an entirely new era is delivered, the United States and China come to think,
But in India, when everyone is talking about Blockchain and Web 3. Then the UPI machine turned into an app. The rapid decline in the market share of huge companies such as Visa and credit card is due to UPI.
Systems like RTGS, NEFT, IMPS and UPI, why are these structures exclusive? Why no longer combine them all into one tool? Because of the UPI, candy-making companies are at a loss.
Because since UPI has implemented,
Candy retailers exercise
In preference to change the cash has been discontinued.
In the event that you transfer cash from one bank to another,
This does not mean that the bank fills a truck at night
It pays the deposited money
For the day to another bank.
Even after UPI appeared,
It has become a topic of discussion everywhere
From Silicon Valley to Australia.
UPI
Reserved Bank with State Fee Corporation of India.
All 29 banks that initially chose UPI,
Closing bills in India month
For every occasion we transfer money online,
We use NEFT or RTGS or IMPS all of these.
So, the first question is why is it so unique?
What is the difference between most of these structures?
What changed into a weak point in that
raised about the introduction of UPI?
UPI has become a topic of conversation anywhere
From Silicon Valley to Australia.
Whether or not India is almost at the top in digital transactions.
Or it is a campaign to develop digital India.
UPI is in talks,
Even critical examples posted it
The agency that makes the candy is at a loss because of the UPI.
Because always due to the implementation of the UPI,
Exercise shops that distribute sweets
Instead of trade the money has been stopped.
That’s the barcode you notice on the front of the little kiosks
UPI has made a game changer.
You will see day by day who delivered the UPI?
There may be a line of people who attribute the credit to who made it.
But in fact, why did there turn out to be a desire to introduce a UPI?
And what do UPI
Does this make the name India so popular?
So, let’s talk about all these in the element.
In case you need to transfer money to someone in advance, Either give him coins Or used to transfer cash through the bank.
Banks used to keep huge records,
It contained a lot of leaves
Where all transactions of your bank have been preserved.
And I walked to 3/4 counters to finish checking.
Required to maintain the ledger.
A minimum account balance must also be maintained,
This changed to why people consider a financial institution
Transfers as an absolute closure alternative.
People who lived far from home
Because of the assignment or studies,
So, they used to send money through someone
Or used to apply money order etc.
Moreover, there was no way to music or not
Financial schemes from the authorities
It was, in fact, the realization of the supposed recipients.
Small payments were good,
But, the colossal thrust, which was paid in lakhs,
The authorities wanted it to be carried out by the bank.
This was the reason for that
full charge system acceleration,
RBI Advanced RTGS Propulsion Device from IDRBT.
Actual total time agreement.
Think of it this way the system was created
Where people’s money was transferred instantly.
With out to the financial institution.
It takes creating and maintaining such systems,
So, this tool was easy to use for these humans
who have to switch more than 2 lakhs.
And do it right away.
And there were some prices in line with the transactions,
This is the amount you have to pay to use the RTGS tool.
This system can be used by any Indian citizen
Banks can also use it.
In the modern era, in the case of transferring money from one financial institution to another.
Therefore, she does not do that”, “Indicate that the financial institution
The money that was deposited at some point in the day will be credited to you
In a truck and shipped to another financial institution sometime at night.
In this clear numbers are exchanged,
while exchanging money,
The domain on your account has been reduced
It is delivered to the account of others.
Just like we have bills in the banks,
Similarly, all the bills of financial institutions are in the Reserve Bank of India.
You can understand this whole component
In a way like Paytm wallet.
In it, no matter how much money we move,
But the real cash stays with Paytm,
By now, you will be traveling or transferring cash.
There may be the same concept between the RBI and the financial institution.
The financial institution can exchange numbers,
However, in the end, RBI computations are simpler.
The query is that the numbers are exchanged,
However, when we withdraw from a check or an ATM,
How is it maintained?
Therefore, RBI maintains the coin fund in distinct areas
There may be money in it.
If the banks have more than enough coins,
Then the financial institution deposits it into the foreign exchange fund.
And if the financial institution wants to get coins,
He takes it from the foreign exchange fund.
The foreign exchange fund sends daily reports to the Reserve Bank of India
This is the amount of cash lots that are deposited or withdrawn by the banks.
The permit faces an additional problem here,
Banks such as Axis Financial Corporation, HDFC and ICICI,
These are in competition with each other.
They now do not percentage any records in their clients.
None of the offers were accepted.
After that, if one person from the banks needs
To transfer money to a person in another bank,
Then it happens now.
So how does it work?
Let’s look at it with an example,
Suppose you have an account with an HDFC financial institution
And you need to transfer one thousand rupees to Axis Bank,
So you will order online or using a financial institution
This request will visit the tool made by RBI,
RBI will confirm whether there is money in the account or not
From the individual sends the cash or does not return
On the other hand, it will also be verified
Whether or not the recipient’s account exists.
Once the RBI checks their entirety,
will change the price.
And you must pay the transaction fee.
The quantity you pay is according to the NEFT or RTGS transaction,
They are priced because of this.
Therefore, the Reserve Bank of India (RBI) mainly acts as an intermediary
Among these types of banks.
All banks have opposition among themselves
But they are almost confident in the RBI.
The RBI will not leak any details anymore.
Earlier NEFT and RTGS in India,
RBI recognized the electronic clearinghouse provider ECS in 1990.
It was paid in bulk
Income, pension, etc.
In keeping with the times at that point,
became exceptional.
But it wasn’t that advanced
That’s why in 2004, the RBI introduced RTGS to humans.
Actual total time agreement.
But then the Reserve Bank of India realized very quickly
There must be a charging system
For much less than 2 lakhs transactions.
And in 2005 he added RBI NEFT.
Inside the payment instrument, the RBI stated that there are no restrictions,
the amount of money you need to transfer,
If you want to convert one rupee,
Then you can do it.
Now there are a lot of costs at work
Such small transactions are in real time.
So a rule was imposed
That the banks will complete the transaction in batches.
This means that there can be an hour for 30 minutes,
Anything requesting NEFT money transfer will come to the bank,
may have to be shown and
The transfer was carried out collectively within the group.
Earlier it became an hour but recently
It is converted in half an hour.
This is why you may notice when you do NEFT,
Cash arrives in the account after half an hour.
NEFT form 48 companies and exchange money consistent with the day.
Despite the fact that the Reserve Bank of India advised that there should be
number”, “Any transaction expenses in a financial savings account,
But this is the amount that has to be paid according to the transaction.
Whether the mileage is NEFT or RTGS,
In advance, all banks used to do transactions only in operating hours.
Since the device was previously unreliable,
If there is any problem, it will be
Solve in the bank clock
But as a tool and generation became trusted,
He began his transfer for 24 hours.
But still, this graphic device is no longer available to humans.
The government turned out to be aware of it
In case they need to join more people
With the default payment device,
Then it should be way less difficult.
IMPS was brought in in 2010
Instant Shipping System
With the advent of IMPS, you can now
exchange cash by pressing the button of your cell phone,
It has less options than lakhs and transfer instantly
To use IMPS, your mobile smartphone and MMID are required,
Inside the IMPS Payment Tool, your verification
It is based on your cell SIM card.
The SIM connected to your cell phone.
Because of this, you should have noticed it
If you put a SIM card on your cell that has nothing to do with the bank,
You are definitely not able to use the mobile banking applications.
This structure is also used in UPI.
to talk then
First of all, the restriction of money transfers becomes IMPS 2 lakhs.
After that, it was sped up to five lakhs.
The way NEFT and RTGS are administered by RBI,
IMPS is administered via the NPCI.
NPCI also transformed into a non-profit corporation using RBI in 2008.
NPCI brought IMPS
The NPCI additionally provided a UPI.
There may be a union of many banks in the NPCI,
In advance it had 10 banks but in 2016
13 public district banks, 15 private banks,
One foreign financial institution, 10 cooperative banks
Seven neighboring rural banks were introduced.
Whether it is far from NEFT, RTGS or IMPS,
In this type of structure, you can transfer money online instantly.
But after this bank you get the beneficiary advantage
While you are dealing for the first time
Banks do this for your safety.
After adding the beneficiary
The bank takes a time referred to as the cooling length.
In the cooling period, notify banks
You are in exclusive ways like SMS or emails
So that it can be proven that
The deal is achieved by equality
The individual who has the account.
RTGS is there in case you need a bigger switch
From two lakh batches on the spot.
If you want to switch much less
And you can watch for half an hour, then you can use NEFT.
And when you have to charge much less than
lakhs immediately and with mysql then use IMPS.
However, humans no longer have a choice
To shop for merchandise from direct merchants.
Required to upload a beneficiary to transfer money,
It turned into a time to swallow,
In fact, in case you need to exchange cash through online banking,
Then you need to monitor more than one step,
You have to expect OTP
Then in 2016, he solved all these things
Changed to delivered through NPCI
Unified Graphics Interface i.E. UBI.
UPI was initially added with the help of Raghuram Ranjan and Dilip Asbe
UPI is taken into account to be the mental chain of these
UPI is the advanced form of IMPS
UPI operates in an identical architecture and technology as IMPS
But UPI provided one default fee
Price title instead of post
IFSC code or account etc. to transfer money.
Now you can do fee transactions
From digital shipping deals abroad
Share any of your information
Which is called a UPI identity.
Honestly UPI is completely QR code based system
Which is not the simplest budget transfer,
It is also the merchant price system
Where you can without problems buy goods and make payments.
Earlier you can not ask for a charge
However, UPI”, “Buyer needs to share it among themselves.
And if this is the case then their consumer
The details may be way ahead of its competitors.
And network agencies noted an answer to this,
Visa and credit cards are known as network institutions.
They stated that every financial institution in India is in a state of loss
You must spend a lot of money to build an ATM
So these network companies said to the financial institution
This does one thing,
Do not now attribute customer details to each other
Provide us with details
Every time a person uses an ATM,
We are able to confirm its information ourselves
Once the information is displayed,
You allow ATM transactions of each variation.
And about the sponsor’s details,
Then we will make them comfortable.
But the community business owner i.E. Visa and
Credit card costs are consistent with the transaction money on it.
Whether it is an ATM transaction miles,
Fees associated with merchants.
This is referred to as the discount rate for the MDR service provider.
The authorities have already cleaned it up at UPI
That there will be no MDR fees in UPI transactions.
This is why UPI is in a hurry
Below is the Visa and mastercard market.
Simply on August 17, 2022, the RBI released a discussion paper.
The note noted about UPI collecting transaction fees,
There was a lot of fuss about this
But the Ministry of Finance put an end to the concern
Emerging from this ongoing paper from
RBI on August 21, 4 days later.
The Ministry of Finance published a tweet
The government has no purpose
No fees are charged to the UPI.
A deal worth 800 euros of UPI fee is about 2 euros.
Now, in this example, while a UPI transaction is not loaded in any way
Permission for companies and banks that have a UPI platform
How do they earn money?
according to file%
‘The extraordinary rise of UPI in India’
This company collects these price records
Then upgrade it to Telcos and NBFCs
In a selected internal organization.
UPI is growing very fast globally well
Every time you need to make transactions outside the US
So you should use speed
All sides of the plaza are connected through this
And now people are able to pay outside the house because of fasting
As in India, we use the IFSC code
In addition, when the fee is to be paid from the doors of India,
We are using express code instead of IFSC code.
Recently, in the war of Ukraine and Russia,
The United States quickly banned Russia.
That is, all the banks of Russia were outside the express payment machine.
Because of this, so was Russia
Completely isolated from the global market.
People were dealing with a variety of difficulties in their business,
However, if UPI is well implemented all over the world
So India can be safe from everything
NPCI started a subsidiary called NPCI
NPIL Restricted International Billing
Which has taken UPI to the global level.
UPI is performed in Singapore, Bhutan or Dubai
India’s vision is to operate UPI across the globe.
UPI is now linked to credit cards too
In advance, if I have a UPI, I can go shopping
Make payment using QR code scanning
But the UPI remains linked to the debit card only
You cannot be paid with a credit card.
Now that the UPI is linked to the credit card,
I am able to pay with my credit card correctly.
With this, the bottom of the UPI will
Likewise booming all over India
While introducing an entirely new technology,
The appeal of the United States or China comes to mind.
But in India, while anyone turned to Speakme about him
Block-chain and Web3
UPI tool turned into applied,
No deal value, no middleman,
Payment is made within 2 to a few seconds and 24 is earned by 7.
UPI investigation research,
In addition, Google suggested to the US government
We should also have a system like UPI.
In the United States, the Federal Reserve had to bring”, “FedNow
For real-time payments that are incentivized by UPI
But the United States is not satisfied with the growth of UPI
Due to the fact that Visa, Credit Card and Express are entirely US-based
Let’s discuss too
What are the difficult situations for UPI?
The way UPI transactions are evolving so quickly,
Its infrastructure is not growing as a result.
UPI grew unexpectedly
But there was no major exchange within the infrastructure.
This list has doubled that mainstream infrastructure
You will not be able to manage the transaction amount.
In addition, the problem with UPI is that UPI is 0% fee coverage,
Therefore, there is no revenue for banks or fee transfer company.
So these people also don’t sell it
Inside the method, they promote credit cards and debit cards.
However, nothing was achieved regarding accountability
Failed transactions in the UPI payment instrument.
There are no accurate statistics on failed transactions and their types.
In addition, she has more than one anxious player,
Because of this accountability for the deal
Failure is not always fixed on anyone’s character.
But the subtle component is that the steps are also carried out
Taken to consolidate the charge of failure of the deal.
Like the RBI will make a united conflict
And UDIRC Revolution Management Machine Released
To deal with the chance of a failed UPI cake
This tool will help customers with the release
Court cases and follow up their resolution.
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Read more: HOW “UPI” KILING VISA, MASTERCARD LIKE SLOW POISON
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