Unified Payments Interface To Make E-wallets Obsolete And Make Online Buying Much Simpler

By Paran Sharma

With the arrival of UPI (Unified Payment Interface) launched by the National Payments Corporation of India, the consumers have now a much easier, streamlined and secure system of transferring money be it for online purchases, account transfers, fee payments or installments of the new Bolero (Read Hawai Jahaz).


Today we use a few simple methods to complete transactions regardless of their nature. We’ve got simple cash transactions, bank transfers which are lengthy and then wallets came to our rescue creating the system that is much more free flowing.

Well, without a doubt the wallets have provided a much easier way of transacting, that being said, we still have to keep in mind the painstaking tasks of –

1. Setting up a wallet,
2. Linking up your account, adding the card details.
3. Topping up of wallet via bank transfer.
4. 2% service charge for wallet to bank transfer.
5. A set cap of ten thousand rupees expandable to 1 lakh through KYC.

Moreover the cashback amount can only be used in app/wallet and can’t be transferred to bank account.

All these hassles are contributing factors as to why people still prefer cash based transactions.


This is exactly where UPI steps in eliminating all the hassles with just one single click or tap while providing the ease of direct and secure bank account transfer while maintaining anonymity as well.

One may argue that you’ll still have to give your account number, IFSC code, branch name and location, half of the property share and a hell lot of battery juice for the transfer.


UPI bypasses all of that just as we bypass the rules of traffic and cleanliness. A virtual and unique identity is the only thing required which will be based mostly on the mobile number associated with that particular bank account.

One may imagine the unique identity to be something like [email protected]
This basically enables you to transfer money directly to the recipient regardless of what you paid for securely, instantly. Be it a loud horn for your Hawai Jahaz, Swag waali topi, Bhai ki pursuit evasion techniques or a dual purpose latex baton.


All of this means that the need of sharing your own blood group along with those pesky bank account details we never cared for in the first place are now unnecessary to transact. A much more smoother way is now in place.


As per the current regulations posted by our great Reserve Bank of India, inter wallet transfers are not supported thereby leaving #LenaDenaKhatamHogaya #PayTumKaro as the only apt hashtags for the coming future.


In a nutshell, if PayTM, PayU and all other wallet apps wanted to come under the roof of UPI, they could with the help of Payment Service Providers (PSP) but the whole purpose of their existence merely makes them an entity without a good enough reason to live. Why opt for wallets when a direct payment to the recipient can be made directly from your own end?





As someone said “The hour of reckoning draws near ; Judgement day is here and gone.”

You can now be as sure as that 5 year old about-to-be-engineer that your money is going wherever you want it to be disguised and hidden for added security.

So it would be fitting to say that Roses are red, Violets are blue so is their color and such is their hue when in reality it could be a pair of lilies for your Grandma’s dead fish.



So if I were to come back after my digression, it would be sufficient to say that wallets are going to suffer a heavy blow right in the areas unintended for physical contact until touched by a person of preferred gender.

UPI is here to stay and NPCI has made a smart and effective move to systematize the entire process of making payments and transactions.

More details about the ins and outs of the whole process are out for the consumers to read and understand moreover, with the arrival of UPI a lot more startups can step up and the existing ones can up the ante a little more and make things even more challenging.
I’ll go and grab my popcorn bucket in the meantime.

*There’s no meme pic here.*




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