June 19, 2019
Banking Business

UPI –Making your smartphone into a bank – JIZ PAUL

Later,during the day, when I woke up my wife asked me “Why are you being furious about people withdrawing their money from ATMs for meeting various expenses. How can people transact any business without cash”. She concluded saying “clearly banks are at fault and banks should have made adequate arrangements well in advance”. Seventeen years of married life had taught me a very important lesson- Never argue with your wife and that too especially on a holiday when you want to spend the rest of the day peacefully at home. So, I kept mum. But, then, my teenage daughter asked this question “Pappa why can’t people use ATM cards for purchases they make at various shops”? She had seen me handing over the cards instead of cash at various shops multiple time and even for small value transactions. For ensuring technical perfection in her understanding,I said “ATM cards can be used only at ATMs and not at shops. But, now, most of the banks are issuing ATM cards only for low-value financial inclusion accounts and for the majority of the other customers they are issuing Debit cards which can be used at ATMs and also at merchant establishments. But, many of the customers are not aware of this utility of the card they are carrying and use it only as ATM card for withdrawing cash”.

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