China Plans To Launch Its Own Digital Currency

[Rajkumar]

Beijing:
China plans to launch its own digital currency to stay ahead of the global competition with its central bank approving proposals to conduct trials in some cities, official media reported Yesterday.

China Plans To Launch Its Own Digital Currency: Report

 

[meetdilip]

I hope India doesn't. I like paying in cash.

 

[greylala91]

I hope India doesn't. I like paying in cash.

cashless is the way to go into the future, its convenient, simple and transparent

 

[dud3rulz]

Rbi already said they'd make crypto currency.
RBI Plans To Launch India’s Own Cryptocurrency

 

[meetdilip]

cashless is the way to go into the future, its convenient, simple and transparent

They will charge commission everywhere. I use a govt bank, even they charge like ₹ 500 for 20K transaction. So we can guess what private banks will do. Especially when we have no choice.

Now I can pay 2k without paying a single paise as commission. We cannot do that in digital currency.

 

[greylala91]

They will charge commission everywhere. I use a govt bank, even they charge like ₹ 500 for 20K transaction. So we can guess what private banks will do. Especially when we have no choice.

Now I can pay 2k without paying a single paise as commission. We cannot do that in digital currency.

Wow!! WHich bank ? I use UPI and NEFT on HDFC and never got charged. But yes, thats a possibility in future

 

[Rajkumar]

Wow!! WHich bank ? I use UPI and NEFT on HDFC and never got charged. But yes, thats a possibility in future

If urgent funds required by relatives or friends, Im doing IMPS through Axis Bank Mobile App, Axis Bank charging Rs. 2.5 for Minimum transfer, Rs. 5 for more than Rs.1000/-s

 

[greylala91]

UPI is the best way to send money right now. I hope it is kept out of processing charges

 

[meetdilip]

That is how they lure you. Just like Jio. In the beginning, everything is free or cheap. Then comes the real treat.

I remember when I was a kid. Govt was promoting the use of LPG. They will come to your home and replace the cylinder. Now we know what they do when we ask for a replacement. 1 cylinder per month, you need to go to some point and carry a 15 kg cylinder to your home ( which is probably 100m away ) and all sort of mess.

 

[Msingh]

HDFC started charging for P2P UPI transactions (20 transaction are free), I was charged this month.

Please note that effective May 3, 2020, the first 20 ‘send money P2P (peer to peer)' fund transfers via UPI will be free. Subsequent fund transfers will incur a nominal fee.
All payments in the UPI peer-to-merchant (P2M) category such as bill payments and shopping, both online and in-store, will remain free of charge.


The charges for P2P fund transfers via UPI are as follows:

No. of "Send money" fund transfers (P2P)	Transaction value below or equal to Rs 1,000	Transaction value above Rs 1,000
From 1st to 20th	Free	Free
From 21st onwards	Rs 2.75 + applicable GST	Rs 4.75 + applicable GST