Skip to main content

Featured

It is certainly unfair system

Why has Turkish President Tayyip Erdogan raised the pertinent question of limiting the UN Security Council permanent members to a total of five only?  This should be changed, as he appears to think now. He did not pause to insist on such a limited approach.  It inspires no trust at all. He did not deem it a fitting approach in present-day's wholly different context.  His strongly worded, stirring speech indicated his outlook upon this particularly vital matter in these tempestuous days.  Distinctly critiquing the prevailing situation, he made it quite clear that there was basically no sense in persisting with a system that places pressure on bending before the five selected countries. More than 190 countries have been bearing this intense pressure unavoidably.   It is really not a fair system at this cutting-edge time. What is urgently required in this changing situation is that more than 190 countries are subject to the whims of just five countries. It is ...
Post a Comment
Read more

Why we still carry cash in a UPI World


Although it may seem paradoxical to carry cash in a world where UPI is the norm, there are several reasons why we still prefer to make payments through the UPI method. Even though UPI has been widely adopted in our everyday use, certain small businesses, retailers, and merchants may still refuse to take UPI payments. 

Amidst these apparent circumstances, the cash can be a backup choice in every clear way. Using cash in a UPI environment involves seeing a balance between the practicality of currency and the ease of digital payments at last. 

Due to the prospect of UPI transaction costs reducing merchant profit margins, the cash is continually liked for more or less small-value transactions. It has also been said that the average UPI transaction size has actually dropped over time, according to surveys, as more consumers are found to use UPI for their smaller transactions.

During power outages or in remote areas with subpar internet connectivity, cash can be a reliable alternative. For some instant purchases, some people choose to pay with cash to reasonably track their precise spending or adhere to a budget. 

When digital payment methods are not available or unexpected needs arise, cash might be used as an emergency fund, as we used to envision. Hard cash still makes up a sizable amount of consumer spending in our country, even with UPI's benefits. 

As of March 2024, cash made up about 60% of consumer spending, according to research completed by an RBI economist. However, since the fatal COVID, its percentage has been steadily declining.

Even with online UPIs' benefits, hard cash still accounts for a substantial portion of the consumer expenditure in the length and breadth of our country. 

The success of India's UPI system has also been acknowledged by the International Monetary Fund. We have considerably decreased our dependence on cash payments. In India, UPI now hogs other electronic retail payments with over 18 billion transactions processed monthly. 








 


Comments

Post a Comment

Popular Posts