The Great Indian Payment Tango
Life Events
From Cash to UPI and Back Again? 💰
Remember the good old days when cash was king? I’m talking about a time not too long ago, when your wallet was stuffed with notes and coins, and bank statements were, well, manageable. For big purchases, maybe you’d whip out your debit/credit card or brave the world of “Net Banking”. But for everyday chai or rickshaw rides, it was all about the tangible cash in hand.
Then came the UPI revolution. Suddenly, paying for everything from a tiny snack to your groceries was just a few taps away on your phone. Linking your bank account with your debit card felt like magic, and apps like Paytm and PhonePe became household names. It was incredibly convenient, and for a long time, it felt like the future had arrived.
But India wasn’t done innovating! Our very own RuPay stepped in, letting us link our credit cards to UPI. Talk about next-level convenience! Now you could earn rewards or manage your credit limits while still enjoying the lightning-fast UPI experience.
My “UPI-Overload” Moment
For almost a decade, I was a full-fledged UPI enthusiast. Every little transaction, every small purchase — UPI all the way. And then, it hit me. I needed to submit my bank statements for a loan application. Six months of statements, they asked. Easy peasy, I thought. Boy, I was wrong!
When I got the printout for just three months, it was a whopping 63 A4 pages of transactions! Sixty-three pages! Forget updating those tiny passbooks; this was a whole new level of paper mountain. That’s when I started feeling a bit overwhelmed by the sheer volume of digital footprints I was leaving.
The Return of Cash (and its Quirks)
Slowly but surely, I began my hesitant return to using cash for smaller transactions. It felt like a breath of fresh air… until it didn’t. The problem with cash these days is the denominations. It’s either that shops don’t have enough change, or you’re stuck with only large notes. And let’s not even get started on banks seemingly running out of Rs. 10, Rs. 20, or Rs. 50 notes. To make matters worse, in many states, people just won’t accept Rs. 10 or Rs. 5 coins! It’s a real head-scratcher.
So, What’s Next?
We’re in a bit of a payment pickle, aren’t we? While UPI offers undeniable convenience, the sheer volume of transactions clogging up bank statements is a real concern for things like loan applications. Plus, the rise of UPI scams is pretty alarming. And let’s not forget the vulnerability of relying solely on your mobile number for verification — a lost or stolen phone can be a huge headache, especially with that 24-hour SMS service lockout for a new SIM. Oh, and let’s not ignore the elephant in the room: internet connectivity. A patchy network can bring your UPI transaction to a grinding halt, leaving you stranded at the payment counter.
It makes you wonder, what’s going to be our go-to mode of payment down the line? Are we really swinging back to cash, or will UPI evolve to address these growing pains?
What are your thoughts on this payment journey? Have you had a similar “UPI-overload” experience? Or maybe you’ve got a clever trick to manage your digital transactions? Share your stories or any instances regarding payment via UPI in the comments below!
You might also like…
https://rajsm139.medium.com/messing-up-its-okay-really-970e07453eb7
I write practical guides to simplify coding and cloud adventures — perfect for curious minds. But that’s not all. Here, I also reflect on life’s experiences, sharing stories that inspire & connect us on a deeper level. Let’s learn, grow, and inspire — together! 💡
https://rajsm139.medium.com/messing-up-its-okay-really-970e07453eb7
