Unified Payments Interface (UPI) News & Updates

What is the use case for private individuals like us? Like someone working in Singapore can send monthly payments to family back home much more easily?

Any benefits for online shopping? I guess not?
 
@TinTinSnowy Can't DM you.
@AAK Full form is correct but it is same for all banks.
@vishalrao Banks will make a killing by charging nonsense charges
 
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while your link shows 80.93
 
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I have seen best out of box rates at IOB. https://www.iob.in/iob_forex-rates.aspx

But good thing with HDFC is that they handle all the documentation on their own and no need to submit any document physically to the branch.

My volumes are small with 10K USD/month therefore cannot bargain much at HDFC. Any suggestions @mikrotik ?
 

@mikrotik where can we check this option to check forex conversion rates ? Is this available for saving account holders ?
 
@TinTinSnowy You will not get better rates with HDFC and not with ICICI if you already do not know someone.

You should definitely try with AXIS and ask them to offer you what's their best. With your volume, you may push them to 10-15p.

@AAK This is their FX Online portal. You will not get this for savings account as Individuals cannot hold USD in savings account. There is special USD account for individuals to hold USD.

Also, banks charge alot of fee under different heads but you can negotiate everything. For me it is 3p and then the RBI IGST charge. I do not get charges like commission or service fee or anything of those sorts.
 
Paytm claims this will never fail but it almost did. I was paying a Paytm merchant and txn took some extra seconds at final processing stage. Most txns don't fail with normal UPI but get stuck at this stage for few mins.

This happened only once though during evening peak hours and network in that area was a bit low. May be network was the reason idk.
 
Beware of a bug in Paytm UPI LITE
When i tried to pay a medical shop of ₹70 i accidentally paid ₹7 by mistake. Then i sent the balance ₹63 in the second attempt. Both transactions was successful. The shopkeeper had a PhonePe bluetooth speaker and it reported both the transactions.
The problem is that the transaction of ₹7 is still missing from my UPI LITE transaction history.
What if my amount debited and not reached the shop keeper?
What if he has asked me to show the transaction?

I stopped using UPI LITE for now👎
 
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Noticed this bug. In my UPI lite history there are missing transactions worth about 150₹ which were part of 2-3 small txns.

All these txns are present if you view the full Paytm passbook history but some were not tagged properly as UPI lite txn and some not showing in UPI lite history.

So yeah this is an issue but all debit credit is happening properly till now. If they don't report a debit they would lose money 😛
 
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