Chaitanya Kayande Patil
Nashik 12 : After demonetization and GST hit the country, POS have become more popular in markets as mode of payment. Though POS existed before the dicey economic reforms but, they have become more popular in citizens and shopkeepers in past one year.
In traditional market, customers still prefer to pay cash or at the most, to pay using POS machines (credit/debit card). Certain shops have long-established customers over several years and some of the customers tend to pay the credited and unsettled amount in one go.
Currently, only one shop in whole Saraf bazaar uses UPI method of payment. Cheque and POS machines are the other options of payment other than cash payment. One Mr. Kale said, “ATM’s are available nearby. So the customers tend to do cash payment. Hence, even if having POS machines, they are hardly used.”
The central government’s ambitious project of Unified Payment Interface (UPI) to make India cashless is not so popular among traditional traders in Nashik city. Even after implementation of demonetization and GST, UPI is not very much popular.
The vision of making India cashless seems distant. But there has been good news in hospitality industry. Even if there have been setbacks to the tourism and hospitality sector, now the industry is stabilizing. The receptionist at Panchavati hotel said, “About 95% of the payments in last one year have been either through Credit/Debit cards or through online payments. There hardly are customers who pay in cash.”
The National Payments Corporation of India (NPCI) came to the rescue to the plight of citizens of the country during the demonetization period with Unified Payment Interface process through it’s BHIM app which was launched on 30th December 2016.
With UPI payments, transfer of money from one bank account to other bank account has been simpler altogether. UPI developed by National Payments Corporation of India allows transfer of money requiring a bank account, mobile number linked with that bank account, smartphone with internet facility and debit card with MPIN.
The user registers his account on various UPI platform like BHIM (Bharat Interface for Money), Google Tez, PhonePe or offered by banks like BHIM SBI pay, BHIM Axis pay etc. from the number which is linked to his/her bank account. Then the user types the number of the person to whom the money is to be sent. The amount must be entered and the MPIN chosen by the user must be entered. The money will be deducted from the users account with no additional charges. The transaction is possible only between verified mobile users. However, money can also be sent using IFSC code of the bank if someone has not yet registered on UPI.
With newer apps in the market and cashback given by them seeming attractive, it can be hoped that cashless payments in general and UPI payments in particular have bright future.