Why UPI Wallets are required
RBI has taken action against PayTM Payment Bank, which is fine, if there are some anomalies found.
But for all UPI Apps, fresh opening of wallets is also stopped.
Someone has a PayTM wallet, which shall not function after due date, and no new wallets being opened by other apps, that would create a major flaw, as explained below.
Today, a person can transfer funds from one’s bank account to whichever wallet one has chosen. Lets us say, the amount transferred is Rs 5000 only. In such cases, the saving bank statement shows one entry in the bank statement for transfer of Rs 5000 from the bank to the wallet, and then the details of the payments made using UPI are available in the statement available for that wallet.
For PayTM wallet users, when the functioning stops on the day decided by RBI and no new wallet can be opened, then for each transaction during the day done through UPI will directly appear in the bank statement.
Let’s say that during a day, one starts making UPI payment by scanning QR cades for say, Rs 60, then 15, 80, 45, 15, etc etc, for wallet users, they were NOT appearing in the bank statement, but now shall appear in the bank statement.
Ideally, in such case, either the other existing apps like PhonePe, GooglePe, etc should be allowed to take new customers, or a better way out shall be to insist for each of the bank to have it’s own wallet.
In such a case, there shall be one entry from bank savings account to wallet for the funds transferred and the details of the spending shall be in the statement for the wallet.
Today, banks to have their own apps, but for them, each UPI transaction gets reflected in the bank statement directly, making the bank statement clumber some.
That is my view. What do you all think? more
But for all UPI Apps, fresh opening of wallets is also stopped.
Someone has a PayTM wallet, which shall not function after due date, and no new wallets being opened by other apps, that would create a major flaw, as explained below.
Today, a person can transfer funds from one’s bank account to whichever wallet one has chosen. Lets us say, the amount transferred is Rs 5000 only. In such cases, the saving bank statement shows one entry in the bank statement for transfer of Rs 5000 from the bank to the wallet, and then the details of the payments made using UPI are available in the statement available for that wallet.
For PayTM wallet users, when the functioning stops on the day decided by RBI and no new wallet can be opened, then for each transaction during the day done through UPI will directly appear in the bank statement.
Let’s say that during a day, one starts making UPI payment by scanning QR cades for say, Rs 60, then 15, 80, 45, 15, etc etc, for wallet users, they were NOT appearing in the bank statement, but now shall appear in the bank statement.
Ideally, in such case, either the other existing apps like PhonePe, GooglePe, etc should be allowed to take new customers, or a better way out shall be to insist for each of the bank to have it’s own wallet.
In such a case, there shall be one entry from bank savings account to wallet for the funds transferred and the details of the spending shall be in the statement for the wallet.
Today, banks to have their own apps, but for them, each UPI transaction gets reflected in the bank statement directly, making the bank statement clumber some.
That is my view. What do you all think? more
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View all 6 comments Below 6 comments
These wallets should be avoided and are unnecessary for most users. Use a savings bank account instead. If you want, you can open a separate account for such purposes hich will be in your control instead of wallets run by fly by night operators who will not only follow unethical practices but also snoop on your financial activities and accounts. Keep the power with you. Dont go for these third party apps. They are just a fad and help the operator get floats. more
Feb 05
We have stopped using wallets with upi. Instead we have linked our bank account to the UPI app. Has been very useful and working well. The good thing us that each transaction shows up in our bank statement. Absolutely no issues, so far. more
Feb 03
Yes Absolutely, I agree with Mangesh Anaokar , We need to have the wallet for better management of funds and he is right the bank statement will be cumbersome and moreover the vendor to whom we make payment thru wallet will not be aware of the bank account a person holds as the money goes from the wallet only. Of course, wallet is needed and RBI should not do way with it. more
Feb 03
Absolute NON-SENSE by Shri Anaokar. Difficult to understand why a wallet is required? That is simply giving interest money benefit to the Wallet (say PayTm) and is simply money being transferred in Foreign exchange to the PayTm. WHY should this be allowed? What is the problem if any or all transactions are shown in the bank statement? Are you trying to HIDE something?...... my dear sir? more
Feb 03
Absolutly correct Mr Padam, same thing is happening for merchant establishments more
Feb 03
Also, just ask your bank where you have an account, same bank will get you and UPI ID attached to your Bank account. NO need to get a separate wallet. more
Feb 02
