Hello Hive Fam!
Hope you are doing well and having a great time wherever you are in the world.
In this digital era payment industry has evolved significantly, and it is because it is one of the industries that has adopted technology at a very high level. There was a time when the banks were using traditional methods for all the banking services, where it was needed to visit the branch physically to perform banking services. Now this is completely digitised, and there is no need to visit branches in person, and we can do almost everything using mobile or Internet banking.
Making a payment is very easy and convenient now, and all this can be done using a smartphone. Making a payment is super easy, so we can just do it by scanning a QR, enter the amount, and that's all we need to do. UPI is a payment method that is highly adopted in India, and its growth is still amazing, so a lot of people are still joining the train for UPI payment. This payment method is offered by NPCI, which is the National Payment Corporation of India, and currently, it is free for everyone. Maybe there are some charges in the future, but for now, it is free, and probably it is because the government is encouraging people to adopt digital payments, and UPI is the best method so far.
I was having a discussion with my colleagues this week where UPI was the topic for the discussion, and some people said that they were overspending because of the UPI. It is because they find it convenient to make payment, and for that reason, they often buy things that are not necessary or they overspend, which is really not a good idea. I also use UPI, but I have my own mechanism to control overspending because it is money, so no matter how I use it when I make the payment, it is gone from my pocket.
To avoid this problem, I have a separate bank account that I use only for UPI payment, and every month a sum of money I send to this bank account from my main account, and I make sure that I do not use any extra amount beyond the allocated money. It is a zero balance account, so there is no need for me to maintain the bank balance, which is convenient for me, and I can use up to the available funds.
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This is my way of ensuring that I don't overspend, even though I know that UPI is convenient. But once that limit is over, I'm not gonna use it, and if something that is really necessary for me to buy, then I'll prefer to use cash, and there is no top-up that I do to the bank account. I personally never did overspend just because of the UPI convenience, but I know some people who are doing it, and I think it's not a good idea. Earning money is not an easy job, so we should also be concerned and focused on saving money that we can invest in something that grows it, and this is why keeping control of our spending is a necessity. Thank you!
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ha ye to hai, upi ke ane ke baad pata he nahi chalta hai kya hoga. mai bhe aab new year se upi apps to hatane wala hu or only cash 😅
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The more digital options for making payments, the better. Physical money is gradually losing its place, and I think we all stand to gain from this. Of course, for the government, having digital payments also means they will have more control over what you are doing. Ultimately, it is a price we pay for greater convenience.