QR codes are now ubiquitous, and even small vendors, like vegetable sellers, are adopting them to make transactions smoother and more efficient. Business owners have realized that offering QR codes or access to UPI (Unified Payments Interface) is a great way to boost sales in today’s market.
Here’s a simple example: Imagine walking by an ice cream parlour with no cash on hand. No worries—you’ve got your phone with you. Just scan the QR code, make the payment through UPI, and the transaction is complete. This convenience not only makes purchasing easier for consumers but also helps businesses close sales effortlessly.
Amid the Covid 19 pandemic era, India witnessed a massive payment revolution. From paying movie ticket bills or buing a cutting chai, the transaction is as simple as sliding out phones and using UPI platforms across the country. But one must not forget that India have been facing the transition in trading since centuries.
This UPI transaction has also relieved several old and needy people from standing in long queues to transfer money from one bank account to another, which today only take few seconds.
However, this smooth and easy transaction has fueled a silent and overseen epidemic.
Overspending
After asking about several people in and across NewsX, said that they were spending more money after they started using UPI.
How Are They Spending More Via UPI?
One example stated above makes the concept quite clear, however, in another way, the tangibility of cash alerts about how much we spend. So if the payment of Rs 2000 needs to be done, paying 4 notes of 500 seems painful as compared to Rs 2000 in UPI.
Kanika from NewsX said, “This is the only reason I carry liquid cash, so that I can avoid unnecessary spendings.”
Sumaya from NewsX says, “Doing transactions via UPI feels like entering numbers, not rupees.” Likewise, several people agreed that they have lately realised that they have end up overspending and least saving.
The transition to digital payments
For centuries, the nation has witnessed shifts in payment methods. Long ago, the barter system was the norm, where transactions depended on mutual needs or desires. Today, though, you can buy a biryani even if the shopkeeper isn’t interested in what you have to offer in trade.
Interestingly, after the origin of paper money, Indians used to save cash for years by stashing it in piggy banks or jars of rice. Now, with digital payments acting as a disruptor, you have money even without physical cash.
‘In this UPI era, it’s hard to say no to a friend asking to borrow money since transferring funds is just a few taps away.’
As UPI continues to revolutionize the way Indians transact, it exemplifies how technology can bridge gaps, promote financial inclusion, and encourage responsible spending habits. The growing adoption of UPI signals not just a payment trend but a shift toward a digitally empowered society.
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