https://www.desidime.com/comments/permalink/10274903
Upi Circle Launched (Delegate payment)
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NPCI has issued notification detailing out UPI CIRCLE in line with RBI announcement of DELEGATE PAYMENT
Two variation
1.Full Delegation -Where Secondary user once delegated can Pay UPTO 5000/TRANSACTION & 15000/MONTH on his CHOICE of Payment APP subject to limit set by PRIMARY acc holder without any transaction level process by Primary acc holder
2.Partial delegation -Where Secondary users initiate a transaction which is authorised by Primary acc holder on his UPI app using UPI pin
Transaction limit remains as per present limits
This second option is just like Payment request
One primary user can send 5 invites or delegate to 5 users
One secondary user can accept only one primary acc
Primary user can CHANGE LIMITS for secondary user at any time
One UPI acc can be used TO make UPI TRANSACTIONS by 1 PRIMARY & 5 Secondary users
Onboarding for UPI CIRCLE to start SOON as per NPCI & the process is via QR SCAN -UPI ID and then selecting mobile no - Send invite - once the secondary users accept invite the authorization & Limits can be set by primary user
https://www.npci.org.in/PDF/npci/upi/circular/2...
Disclaimer
We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
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https://www.desidime.com/comments/permalink/10274957
They really need to get their shit together first for all the already existing features instead of anything new. BHIM app is really bad, other featured arent accepted like CC on UPI
Innovation is good but not at the cost of someone losing their money as is happening with UPI Lite & similar features
https://www.desidime.com/comments/permalink/10275115
yes good
but not sure how much of people will get used to this new thing from UPI once implemented, its like check and balance things of corporate accounts hmmm lets see
https://www.desidime.com/comments/permalink/10275433
Will know after implementation hopefully minors will get access to upi without opening minor account for sole purpose of upi
View 1
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https://www.desidime.com/comments/permalink/10275880
Where to do these things
https://www.desidime.com/comments/permalink/10276610
@PascalJi Dude! NPCI people have laid the foundation of Credit Link Instant Payment System (Credit card link UPI).
Which rule book are you talking about ?
Before this no rule book existed. No one in the world had created such a system.
Just look at the Visa card. Old age American people are not able to do card transactions, Why ?
Because Visa card and Diners club has laid the foundation of card transaction.
When Visa card came there were a lot of flaws, MDR was issued. Lots of Bugs.
Today's old age Americans who were young at the time have become frustrated and prefer to use cash.
Some Americans used offline cards by using fake signatures, Some people signed the legal signatures but did not pay the bills for their offline transactions. Because there was no legal obligation.
Many of those restaurants suffered huge losses due to this, Visa Card and Diners Club also explained that they did not know that people would do this.
Both these companies laid the foundation of Proper Rulebook, Mandates & Thought Process and later the rest of the card networks followed it.
Similarly, The world had never seen a credit link instant payment system like this before.
Dnt forget NPCI have laid the foundation of Credit Link Instant Payment System (Credit card link UPI).
Do you know NPCI also released books and publish white papers ?
The NPCI white paper explains the problem they faced in the early days.
NPCI has not yet released the whitepaper of Credit Link UPI because it is not ready yet.
Brazil Pix and US-based FedNow are inspired by UPI.
US-based FedNow website openly revealed that FEDNOW have got the advantage of second mover.
Brazil's pix have been made by learning from the mistake UPI has made. US based FedNOW says, we are the best instant payment system in the world. Because FedNOW has learned from the mistakes of all other instant payment systems.
Which NPCI itself also accepts. Because NPCI did not know what to do before this.
Give 7 to 10 years to Credit Link UPI. Then see. Gradually all the problems will be shorted out.
Recently, GPay merchant account also give an option to accept payment under 2k and disabled above 2k payment.
Credit card swipe and Credit link UPI MDR is also same but problem is Shopkeepers use different companies POS machine and other companies UPI QR codes.
MDR charges depend on payment companies and Business registered which merchant categories.
If you use Pinelabs POS machine for Card transaction and Phonepe QR codes for UPI payment then 100% MDR charges will be higher on Phonepe QR codes. Use Pinelabs UPI QR and then you will see MDR charges are same.
Use same company POS swipe machine and UPI QR codes. Also check your business registered under which category.
For example - Phonepe QR charges 1.3% MDR on Grocery category and Bharatpe QR charges 1.25% MDR on Electronics categories (RuPay CC UPI payment).
@MrThanos
https://www.desidime.com/comments/permalink/10277070
No, Manual entry of mobile number shall be restricted.
https://www.npci.org.in/PDF/npci/upi/circular/2...
https://www.npci.org.in/PDF/npci/upi/circular/2...
https://www.desidime.com/comments/permalink/10277176
Is this really that much necessary?
https://www.desidime.com/comments/permalink/10315091
The reason behind this is that people will stop transferring amounts from their accounts to their family members account. This will promote spending from the earners account and reduce stress on servers for small transactions.
People send QR codes to family and friends for payments, this will make transactions easier as they can use their family and friends account without direct communication.
For example, if my father has money in his account and mine is empty, when I'm out buying something, instead of calling my father to transfer me money, i could directly transfer to the seller from his account. This skips a step and allows for direct use of my father's account for payment, saving an unnecessary transaction.
Overall, this approach can significantly reduce stress on servers.
UPI works because each bank takes responsibility for its server. If this were centralized, it could cause downtime, making UPI problematic.
View 3
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https://www.desidime.com/comments/permalink/10378329
So far, only see this in BHIM app. BHIM app is practically unusable most of the time as NPCI prefers not to have a testing platform and directly dumps untested products on BHIM and then use the common people as their guinea pigs.
So will have to wait till this gets deployed by some other stable app..
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@PascalJi Dude! NPCI people have laid the foundation of Credit Link Instant Payment System (Credit card link UPI).
Which rule book are you talking about ?
Before this no rule book existed. No one in the world had created such a system.
Just look at the Visa card. Old age American people are not able to do card transactions, Why ?
Because Visa card and Diners club has laid the foundation of card transaction.
When Visa card came there were a lot of flaws, MDR was issued. Lots of Bugs.
Today's old age Americans who were young at the time have become frustrated and prefer to use cash.
Some Americans used offline cards by using fake signatures, Some people signed the legal signatures but did not pay the bills for their offline transactions. Because there was no legal obligation.
Many of those restaurants suffered huge losses due to this, Visa Card and Diners Club also explained that they did not know that people would do this.
Both these companies laid the foundation of Proper Rulebook, Mandates & Thought Process and later the rest of the card networks followed it.
Similarly, The world had never seen a credit link instant payment system like this before.
Dnt forget NPCI have laid the foundation of Credit Link Instant Payment System (Credit card link UPI).
Do you know NPCI also released books and publish white papers ?
The NPCI white paper explains the problem they faced in the early days.
NPCI has not yet released the whitepaper of Credit Link UPI because it is not ready yet.
Brazil Pix and US-based FedNow are inspired by UPI.
US-based FedNow website openly revealed that FEDNOW have got the advantage of second mover.
Brazil's pix have been made by learning from the mistake UPI has made. US based FedNOW says, we are the best instant payment system in the world. Because FedNOW has learned from the mistakes of all other instant payment systems.
Which NPCI itself also accepts. Because NPCI did not know what to do before this.
Give 7 to 10 years to Credit Link UPI. Then see. Gradually all the problems will be shorted out.
Recently, GPay merchant account also give an option to accept payment under 2k and disabled above 2k payment.
Credit card swipe and Credit link UPI MDR is also same but problem is Shopkeepers use different companies POS machine and other companies UPI QR codes.
MDR charges depend on payment companies and Business registered which merchant categories.
If you use Pinelabs POS machine for Card transaction and Phonepe QR codes for UPI payment then 100% MDR charges will be higher on Phonepe QR codes. Use Pinelabs UPI QR and then you will see MDR charges are same.
Use same company POS swipe machine and UPI QR codes. Also check your business registered under which category.
For example - Phonepe QR charges 1.3% MDR on Grocery category and Bharatpe QR charges 1.25% MDR on Electronics categories (RuPay CC UPI payment).
@MrThanos
@anantnitish
@kushagraamit
It's very nice feature. Very thoughtful. Minors can use the BHIM app without bank account which is linked to their parents account for low value transactios