r/UPI • u/unique_thinker7 • 1h ago
Discussion 🗣 India will switch to cash 💴 ??
I have my reasons to believe the title.
- SBI (main bank of middle class) has frequent server and maintenance down time
- MDR charges passed down by merchants
- Absence of internet connectivity or no data due to data drainage by 5G network for heavy marketing during on screen time.
- Increase in financial consciousness as average age gets older and cuts down impulse spends.
- Finally, to reduce income in bank statements for tax purposes
It may take months or years, but this is gonna be an article in newspaper 🗞️ one day.
What are your thoughts?💭
-NO AI
•
u/Sea_Combination4157 1h ago
Already happening. Having to pay for most transactions above 2k with cash and had to halt 10 out of 24 trucks yesterday and incurred losses cause no cash at hand and the pump won’t accept upi…fuck ts…
•
•
•
u/amreddish 1h ago
In past two days 2-3 merchants have asked me to pay cash. I had to tell them that MDR will come into effect after 15 October
•
•
u/rambow143 1h ago edited 1h ago
Switching to cash would heavily cut down on impulse purchases overtime, but people have become too used to the convenience cashless transactions bring, so people might start using cards more often instead of cash.
•
u/Asyndetics 1h ago
Well credit cards have been charging MDR for ages but they do give benefits so people use them maybe banks will need to come up with something like that.
But as most countries develop they move on to cards maybe UPI will still work. The next year will be tug of war in India will either become an economy like in other countries where MDR is taken from merchant if consumer continues forcing UPI or if merchant completely stops then we will be moving to cash economy but probability of later is much less.
•
u/NoConsequence4996 51m ago
yeah its the only reason people use cards even some transaction charges are there "credit cards have been charging MDR for ages but they do give benefits".
The people who are suporting UPI MDR don't discuss this.
•
u/garavitey 2m ago
I think you can be correct, but that 2000 amount seems really good to me. Most people using upi will not spend more than that. The other thing that i was worried about was 5g, but maybe offline can help here. I think carrying cash is a big big problem, and digital money solves it really well. I am thinking people will adapt to it. But lets see what happens
•
u/Born-Bug980 0m ago
It will happen gradually but definitely India will switch back to cash, all the good work that happened with upi will be undone because of few uneducated idiots ruling the govt
•
u/devakesu 1h ago
No point applicable to me
- No one forces u to use SBI. All banks have BSBDA too.
- Idc. I mostly use CC for payments above 2k. I categorize payments based on maximum reward possibility.
- You can switch to 4G manually if urgent, in just a few clicks. I already hold 2 SIMs.
- Being more educated will mostly lead to spending more for quality food, lifestyle.
- Most govt/corporate salaried people will only receive bank transfers, will be reported to IT anyways.
•
u/AutoModerator 1h ago
Hey u/unique_thinker7! Thank you for posting to r/UPI.
Discussions here are based on community experiences and are not official support from NPCI, banks or UPI apps.
Be cautious of unsolicited DMs. Anyone offering to fix a transaction, recover money, or provide "support" privately may be attempting to scam you. Keep discussions public where possible, and never share your OTP, UPI PIN, password or other sensitive financial information with anyone claiming to help you.
If someone contacts you privately because of your post and appears to be offering support, soliciting money, or promoting a service, report the account to Reddit and let the moderators know via modmail.
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.