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This has been my personal experience as well. UPI payments in India have enabled seamless mobile payments through qr code scanning. Since the bank account is
by devsda 2y ago
This has been my personal experience as well.
UPI payments in India have enabled seamless mobile payments through qr code scanning.
Since the bank account is debited directly, it is difficult to get an idea of monthly spending until we check the account statement and it is easy to overspend.
Ever since I've started using UPI lite which is a prepaid wallet that has limits on both max prepaid balance and max amount per transaction, I guess the extra friction and the very visible balance made me rethink some purchases.
- lxgr 2y agoMost banks I've used offer some sort of budgeting feature that lets you track where money is going in real time. Is that not common with Indian banks, or do the UPI bookings not happen in real time?
- devsda 2y agoUPI is real time. Most banking applications do offer a feature to categorize card spends in a time period but not UPI as they are typically peer-to-peer transactions. If you mean envelope budgeting type feature, I'm not aware of any.