UPI is a payment system that allows money transfer between any two bank accounts by using a smartphone. UPI allows a customer to pay directly from a bank account to different merchants, both online and offline, without the hassle of typing credit card details, IFSC code, or net banking/wallet passwords.
Is it a Game?
Numbers suggest that Indians are embracing digital transaction. UPI has become the most used digital platform in India. There is a surge in users from 92000 in August 2016 to 105 Million users as of November. But a huge majority of the transactions are happening from Peer to Peer for sake of crash cards and cash back. The day, Indian Government has announced Demonetization and push for Digital Payments. All the banks and Global Giant invested in Digital Wallets and UPI.
At first, RBI has announced BHIM( Bharat Interface for Money) UPI app developed and maintained by National Payments Corporations of India. BHIM app registered impressive transaction volumes initially because of its novelty factor as well as the reward bonuses promised by Indian Government. Now Global Players like entered the market with TEZ app. It becomes India's largest UPI app by far, by transaction volumes within 11 weeks from lunch. 140 million in as of December. Tez becomes so popular because of its uniqueness. All the transaction will directly go to the bank, whereas another app will store money in App wallet, then they will charge some extra money for the transfer to the bank account. Which is a real mess.
Banker Split into groups on UPI story. One group thinks, Once all the deals and cash backs will complete, people will go back to the traditional cash transaction. Another group thinks deals and cash backs are essential to creating a new habit.
Whether it is Government backed BHIM app or Google's TEZ app or Flipkart's Phoneme, all these things getting a huge boost because of Large numbers of Smartphone users. Global players can't enter China with digital payments app because of restriction, which moved them to next billion users country.
As per sources, Google will enter into the Retail shop and Bill payment sector with TEZ app. Also, Paytm, who has 5 million retail shop users is coming to UPI, which will surely boost the number of UPI users. Now Google Tez is generating such a huge volumes, imagine If players like Whatsapp will enter the market it will be a game changer. With such a big hit as a messenger app, Whatsapp can acquire market without any cash backs. It will definitely increase the user count. As per sources, Whatsapp is in advanced talk with Indian Bank and National Payments Corporation of India for the lunch of UPI based payment app.
Now Paytm, BHIM and Flipkart fighting with Paypal and Google. When Whatsapp enters the field. the battle for the digital payments is bound to get heated up. Indian users can expect a Global Payment Experience.
Is it a Game?
Numbers suggest that Indians are embracing digital transaction. UPI has become the most used digital platform in India. There is a surge in users from 92000 in August 2016 to 105 Million users as of November. But a huge majority of the transactions are happening from Peer to Peer for sake of crash cards and cash back. The day, Indian Government has announced Demonetization and push for Digital Payments. All the banks and Global Giant invested in Digital Wallets and UPI.
At first, RBI has announced BHIM( Bharat Interface for Money) UPI app developed and maintained by National Payments Corporations of India. BHIM app registered impressive transaction volumes initially because of its novelty factor as well as the reward bonuses promised by Indian Government. Now Global Players like entered the market with TEZ app. It becomes India's largest UPI app by far, by transaction volumes within 11 weeks from lunch. 140 million in as of December. Tez becomes so popular because of its uniqueness. All the transaction will directly go to the bank, whereas another app will store money in App wallet, then they will charge some extra money for the transfer to the bank account. Which is a real mess.
Banker Split into groups on UPI story. One group thinks, Once all the deals and cash backs will complete, people will go back to the traditional cash transaction. Another group thinks deals and cash backs are essential to creating a new habit.
Whether it is Government backed BHIM app or Google's TEZ app or Flipkart's Phoneme, all these things getting a huge boost because of Large numbers of Smartphone users. Global players can't enter China with digital payments app because of restriction, which moved them to next billion users country.
As per sources, Google will enter into the Retail shop and Bill payment sector with TEZ app. Also, Paytm, who has 5 million retail shop users is coming to UPI, which will surely boost the number of UPI users. Now Google Tez is generating such a huge volumes, imagine If players like Whatsapp will enter the market it will be a game changer. With such a big hit as a messenger app, Whatsapp can acquire market without any cash backs. It will definitely increase the user count. As per sources, Whatsapp is in advanced talk with Indian Bank and National Payments Corporation of India for the lunch of UPI based payment app.
Now Paytm, BHIM and Flipkart fighting with Paypal and Google. When Whatsapp enters the field. the battle for the digital payments is bound to get heated up. Indian users can expect a Global Payment Experience.
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