Live Digital eRupee P2M transaction (Select users)

[mukundstud]

Hey finally checked the app. It shows received from you e₹ 1 as the only transaction at 1:44 PM. No other transaction. Sent you back the e₹1. Bankless P2P money transaction. That's one plus point of this even though technically done via a bank app. (Probably there will be an official app from RBI in the future).

Woah!! Received Re.1 back! How did you send it back to me? I did not even share my QR with you. Did you send it through my wallet address?? But the app is NOT even letting me type the wallet address. Is there a provision of transaction reversal? Cause I am not being able to see any option of reversing the money received from you.

 

[anonymuos]

Woah!! Received Re.1 back! How did you send it back to me? I did not even share my QR with you. Did you send it through my wallet address?? But the app is NOT even letting me type the wallet address. Is there a provision of transaction reversal? Cause I am not being able to see any option of reversing the money received from you.

It started showing me your name under "People". I just tapped that name. It does "Verifying user" and shows a Send button. Then I picked the e₹1 coin I had received and sent it back.

 

[mukundstud]

Looks like RBI's digital rupee is NOT a form of cryptocurrency. Though the e₹ app gave me a seed phrase to remember for recovering the wallet account, today, due to an issue, when I had to install a copy the app in the 'Secure Folder' of my Samsung phone, it did not ask me the seed phrase. Just the previous MPIN. When I used the option of 'Forgot MPIN', it simply asked my debit card details, made me set the new MPIN, and the whole wallet was recovered along with the money in it and the transaction history. The old app(outside the Secure Folder) with the old MPIN stopped working. Only the 'Load Money' option was working. On loading the money in the old app, the balance got updated in the new app too. The wallet address is also same for both the old and the new app.

 

[bugmenot]

Reliance Retail becomes first retailer to begin accepting digital rupee for sales

For the customers choosing to opt for this payment mode, an Digital Rupee acceptance QR code will be presented after billing. As per the information, Reliance Retail has partnered with Innoviti Technologies, ICICI Bank and Kotak Mahindra Bank to enable acceptance of the digital rupee.

www.cnbctv18.com

Reliance Retail launched the first in-store acceptance at Mumbai's Freshpik store.

 

[thanix]

I received a email and SMS from ICICI to participate in this e rupee. It goes to a play store app. Has anyone got it and is it working? I didn't followed much on this e-rupee topic till now.

 

[Tosh]

Yes HDFC, IDFC and ICICI have been pestering me for months now. Why should I do this when UPI exists though?

 

[RupayMan]

Yes HDFC, IDFC and ICICI have been pestering me for months now. Why should I do this when UPI exists though?

I did few transactions in my HDFC, it's like spending money in physical form yet Digital, the notes are shown in different forms of 10, 20 till 2000 and coins too..

 

[RajeshV]

I did few transactions in my HDFC, it's like spending money in physical form yet Digital, the notes are shown in different forms of 10, 20 till 2000 and coins too..

Yes, but unless the wallets give interest, absolutely nobody would possibly use this. There's just no point for the users.

 

[Rkr]

Yes, but unless the wallets give interest, absolutely nobody would possibly use this. There's just no point for the users.

The aim behind the digital rupee is to reduce dependency on physical notes in future.

Now coming to interest part if you are carrying physcial currency notes in your wallet then you are not earning any interest, So why you expecting the same from e Rupee wallet.

This wallet is reloadable via UPI/Netbanking so as and when required just load it.Rest of the money one must keep in bank to earn interest.
Now question comes ,the same we are able to do via UPI and scan and pay then why eRupee ?
These are (UPI And others) medium of payment through Accounts but eRupee is a legal tender and at par with physical notes.

 

[jack333]

The aim behind the digital rupee is to reduce dependency on physical notes in future.

Now coming to interest part if you are carrying physcial currency notes in your wallet then you are not earning any interest, So why you expecting the same from e Rupee wallet.

This wallet is reloadable via UPI/Netbanking so as and when required just load it.Rest of the money one must keep in bank to earn interest.
Now question comes ,the same we are able to do via UPI and scan and pay then why eRupee ?
These are (UPI And others) medium of payment through Accounts but eRupee is a legal tender and at par with physical notes.

They'll slowly make upi chargeable and phase it out if this gains popularity as banks are losing money there

 

[RajeshV]

The aim behind the digital rupee is to reduce dependency on physical notes in future.

Now coming to interest part if you are carrying physcial currency notes in your wallet then you are not earning any interest, So why you expecting the same from e Rupee wallet.

This wallet is reloadable via UPI/Netbanking so as and when required just load it.Rest of the money one must keep in bank to earn interest.
Now question comes ,the same we are able to do via UPI and scan and pay then why eRupee ?
These are (UPI And others) medium of payment through Accounts but eRupee is a legal tender and at par with physical notes.

Cash provides you control and anonymity. Why would you give that up for something that doesn't even give you interest but provides the government with your complete transaction trail and even control over the currency? I understand the benefits for the government but it simply isn't workable as it stands.

Loading it before each use is an absolutely impractical workaround.

The average person doesn't care that it is a distinct legal tender, to them its the same as their bank account, a number.

 

[Rkr]

They'll slowly make upi chargeable and phase it out if this gains popularity as banks are losing money there

There is no harm in charging below 1% from big Merchants and between 0.1 to 0.25 % from local shops/vendors.
Completely eliminate the physical issuance of cards and allow MC/VISA also on UPI.

Banks are spending in huge in printing the cards and in logistics for dispatching(Like HDFC Rupay digital Card is Completely digital card no physical issuance).If Cards are removed then there is no need for POS machines which comes with maintenance cost for using POS.If everything becomes fully digital then bank saves the money from card printing and dispatching,Then the same savings must be shared netween Banks and merchant and Card network provider like Rupay/MC/VISA.

Note- Views are my personal opinion.

 

[VISHESH_BANSAL]

There is no harm in charging below 1% from big Merchants and between 0.1 to 0.25 % from local shops/vendors.
Completely eliminate the physical issuance of cards and allow MC/VISA also on UPI.

Banks are spending in huge in printing the cards and in logistics for dispatching(Like HDFC Rupay digital Card is Completely digital card no physical issuance).If Cards are removed then there is no need for POS machines which comes with maintenance cost for using POS.If everything becomes fully digital then bank saves the money from card printing and dispatching,Then the same savings must be shared netween Banks and merchant and Card network provider like Rupay/MC/VISA.

Note- Views are my personal opinion.

Need of POS is already Eliminated via BHARAT QR.

But People are still not able to distinguish between BharatQR and a dedicated UPI QR and hence find POS Machine to use Cards.
And also Merchants are not aware about BhartQR.
Even Big Merchants like Petrol Pumps are not aware what is BharatQR.

And also among famous UPI Apps, only GPay is enabled for BharatQR txns via Cards and hence people specifically looks for POS to swipe the Card instead of BharatQR to Pay with GPAY and Banking Apps with Inbuilt BHARAT QR scanner.

 

[sv004]

Can this e rupee transaction done without internet if not then what is the point of it as upi already exists. And bharat qr is also there only need is to promote it. Now icici and hdfc have woken up they are giving their own bharat qr via payzapp and icici app. Instead of relying on gpay and phone pe . I m seeing lots of merchants with these codes now. So we can pay by cc also .

 

[Rkr]

Need of POS is already Eliminated via BHARAT QR.

But People are still not able to distinguish between BharatQR and a dedicated UPI QR and hence find POS Machine to use Cards.
And also Merchants are not aware about BhartQR.
Even Big Merchants like Petrol Pumps are not aware what is BharatQR.

And also among famous UPI Apps, only GPay is enabled for BharatQR txns via Cards and hence people specifically looks for POS to swipe the Card instead of BharatQR to Pay with GPAY and Banking Apps with Inbuilt BHARAT QR scanner.

Yes exactly the same.But issuance of bharat QR needs you to be GST verified merchants and the same is to be issued by banks only.So Bharat QR is limited in presence and quantity comparison with interoperable UPI QRs.
And yes NPCI and RBI must look into issue and come up with solution for card option for VISA/MC Cards.But i think once VISA/MC Cards are live on UPI then it solve the problem.Because now a days we can pay to any Bharat QR code by Rupay cards on UPI.

 

[Rkr]

Can this e rupee transaction done without internet if not then what is the point of it as upi already exists. And bharat qr is also there only need is to promote it. Now icici and hdfc have woken up they are giving their own bharat qr via payzapp and icici app. Instead of relying on gpay and phone pe . I m seeing lots of merchants with these codes now. So we can pay by cc also .

Even you cant live without internet .(Just Joking😃😃).Once technology is available to implement with the help of internet then there is no harm in implementing anything for a good cause.

Again i am clarifying that eRupee is legal tender and it is not directly linked with any account and UPI is medium of payment through Accounts. Both are different in nature.

 

[VISHESH_BANSAL]

Yes exactly the same.But issuance of bharat QR needs you to be GST verified merchants and the same is to be issued by banks only.So Bharat QR is limited in presence and quantity comparison with interoperable UPI QRs.
And yes NPCI and RBI must look into issue and come up with solution for card option for VISA/MC Cards.But i think once VISA/MC Cards are live on UPI then it solve the problem.Because now a days we can pay to any Bharat QR code by Rupay cards on UPI.

GST is not necessary Condition.
Third Party Apps Also issue Bharat QR.
Just like UPI QR in partnership with a Particular Bank(s).

 

[dhiraz]

All Confusion Cleared 👇

 

[Rkr]

GST is not necessary Condition.
Third Party Apps Also issue Bharat QR.
Just like UPI QR in partnership with a Particular Bank(s).

Thanks for clarifying as i was only aware that Bharat QR code needs current account for settlement.
Things are changing day by day.

 

[VISHESH_BANSAL]

Even you cant live without internet .(Just Joking😃😃).Once technology is available to implement with the help of internet then there is no harm in implementing anything for a good cause.

Again i am clarifying that eRupee is legal tender and it is not directly linked with any account and UPI is medium of payment through Accounts. Both are diffrent in nature.

UPI failures are also common.
Due to UPI, I do not carry hard cash only few notes of small denomination.

Once I paid at metro station which is far away from my home for Samosa which I already ate.
Txn goes in pending state and Seller is like Bhartan dhone ke liye tyaar ho ja munna🤣

Phir kya thha second payment got Successful and after reaching home pending also becomes successful.

Now Digital Rupee works on Block chain technology.
So Possibility of pending txn is zero

Either real-time success or failed which is another benift