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Axis Bank has created VPAs for all accounts without user intervention

Discussion in 'Finance' started by genie, Jan 11, 2017.

  1. genie

    genie woot !
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    I think HDFC's separate app is called Chillr....wallet with upi.

    ICICI bank's is called Pockets....now they are allowing to create vpa as @icici


    If you send to the vpa it will get credited to the linked bank, to load the wallet you got do it by the add funds.
     
  2. Saurabh Srivastava

    Saurabh Srivastava Well-Known Member
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    Sorry but one of the major benefits of UPI advertised was to send/receive without sharing account details. So account_no.@axisbank would revel account details.
     
    genie likes this.
  3. Sushubh

    Sushubh Administrator
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    well... that would have been the default option. people installing apps can create a new one to share with the world. just like bhim creates a default id with your phone number but you do not really have to use it.

    the benefit would have been that people who you already do business with would already have your account number on record so it is easier for them to migrate to upi for payments they would generally do with cheques. upi is not just for digital payments at retail stores. it is a solid alternative for cheques as well.
     
  4. genie

    genie woot !
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    IT department would have preferred a permanent unique UPI number :p
     
  5. Sushubh

    Sushubh Administrator
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    i mean just think... you have a company with 1000 employees. and you have a deal with axis bank. instead of issuing cheques, you can just transfer funds electronically using upi by using their account numbers. with names, you have to first get a confirmation from the individual. but of course... even this is not safe assuming someone created a VPA on Axis Bank with a long random number which matches account number of someone else after this rollout by axis bank. anyhow...
     
  6. Saurabh Srivastava

    Saurabh Srivastava Well-Known Member
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    If I had a company of 1000 employees I would ask all of them to open salary account with Axis bank and transfer their salary using internet banking. Transfer between same bank accounts are done instantly and its free(I guess so). Why would I need Cheques or UPI if I already have a good payment medium? My father who is government employee,receives his salary through NEFT so I guess its possible in pvt. sectors too.
     
  7. SVK

    SVK svknet.wordpress.com
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    My name surname is very common, and I was able to find 100s of profiles on Orkut/Facebook matching my name. I am sure many of them would be having accounts in bank which I have. After few months year, it would be difficult for people to understand whether they send money to me if they use VPA and name.surname@bank.
    Some regulation is needed to set username for VPA address in future.