P2P trader received notice for 7.10 Crores from his bank

[pawanjain]

The only thing is, to use digital rupee, we have to deposit money into that account and vice versa for withdrawals.
So it feels like an extra step because we deposit money into it using bank account only and then to withdraw the money we need to redeem that money into our bank account.
It feels secure but also feels like an extra step but that's something we can ignore.

It's still in its pilot phase as of now and very few people actually use it which is why it is nowhere as popular as UPI, IMPS etc and the extra steps do bother me. I'll happily continue sticking to UPI and IMPS for a long while personally.

But with UPI it is not possible to face the risk which is why Digital rupee is not needed for anyone unless they are doing it to support the growth part.

Yeah. UPI is in another league when it comes to overall usage when comparing to Digital Rupee. I don't see why anyone would want to shift unless there is some huge incentive involved.

Yeah even I agree that UPI is the best way of making payments currently.
I personally like Rupay UPI better than anything else because I can now directly link my creditcard to UPI.
Then make all the transactions using creditcard UPI and then pay the bill the next month when the bill generates.
This gives minor interest benefit and also gets us reward points from those UPI transactions which is a win-win strategy.

[Bitcoin Smith]

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Yeah even I agree that UPI is the best way of making payments currently.
I personally like Rupay UPI better than anything else because I can now directly link my creditcard to UPI.
Then make all the transactions using creditcard UPI and then pay the bill the next month when the bill generates.
This gives minor interest benefit and also gets us reward points from those UPI transactions which is a win-win strategy.

Yeah, Rupay seems to be a game changer and it will increase consumerism further since people can use a credit card even for paying a chaiwala.

But one who know how to use and not to miss their bills will get rewards and cashbacks too, along with other perks like free movie tickets, hotel booking or something once in a while.

I think I got like 4 or 5 rupay credit cards already.

[Jimmymoriarty]

Yeah, Rupay seems to be a game changer and it will increase consumerism further since people can use a credit card even for paying a chaiwala.

But one who know how to use and not to miss their bills will get rewards and cashbacks too, along with other perks like free movie tickets, hotel booking or something once in a while.

I think I got like 4 or 5 rupay credit cards already.

Interesting! I have never really needed a credit card in India ever since I fell in love with the UPI system, but this whole rupay credit card stuff does appeal to me. Great to hear about those perks and all, but what are the fees associated with such cards annually?

Are there any sort of benefits associated with Amazon, Flipkart etc sales like HDFC, SBI etc credit cards?

[Bitcoin Smith]

Yeah, Rupay seems to be a game changer and it will increase consumerism further since people can use a credit card even for paying a chaiwala.

But one who know how to use and not to miss their bills will get rewards and cashbacks too, along with other perks like free movie tickets, hotel booking or something once in a while.

I think I got like 4 or 5 rupay credit cards already.

Interesting! I have never really needed a credit card in India ever since I fell in love with the UPI system, but this whole rupay credit card stuff does appeal to me. Great to hear about those perks and all, but what are the fees associated with such cards annually?

Are there any sort of benefits associated with Amazon, Flipkart etc sales like HDFC, SBI etc credit cards?

So you never bought anything on Amazon or Flipkart, Only credit cards get flat discount offers on most of the purchases like if you buy 50K worth of mobile then you will get at least 5K instant discount with credt cards that is why I got that in the first place.

And credit card comes with fees but it will be waived if you meet the required spend, like 1 lakh or whatever the bank sets, and you might also be approved for zero fee cards, depending on how healthy your records with the bank.

And different credit cards gives you different kind of rwards, like you get 5% cashback with icici cards and some kind of coins that can be redeemed with Hdfc and so on...

[Jimmymoriarty]

So you never bought anything on Amazon or Flipkart, Only credit cards get flat discount offers on most of the purchases like if you buy 50K worth of mobile then you will get at least 5K instant discount with credt cards that is why I got that in the first place.

And credit card comes with fees but it will be waived if you meet the required spend, like 1 lakh or whatever the bank sets, and you might also be approved for zero fee cards, depending on how healthy your records with the bank.

And different credit cards gives you different kind of rwards, like you get 5% cashback with icici cards and some kind of coins that can be redeemed with Hdfc and so on...

Purchased a ton of stuff on both platforms(Especially on Amazon), but I never really cared much about the credit card discounts and all. I am well aware of the offers linked to HDFC, SBI etc credit cards, but I was simply wondering about Rupay credit card offers.

Are the Rupay offers just as good as the others? Is it a zero forex card internationally like Jupiter etc?

[pawanjain]

So you never bought anything on Amazon or Flipkart, Only credit cards get flat discount offers on most of the purchases like if you buy 50K worth of mobile then you will get at least 5K instant discount with credt cards that is why I got that in the first place.

And credit card comes with fees but it will be waived if you meet the required spend, like 1 lakh or whatever the bank sets, and you might also be approved for zero fee cards, depending on how healthy your records with the bank.

And different credit cards gives you different kind of rwards, like you get 5% cashback with icici cards and some kind of coins that can be redeemed with Hdfc and so on...

Purchased a ton of stuff on both platforms(Especially on Amazon), but I never really cared much about the credit card discounts and all. I am well aware of the offers linked to HDFC, SBI etc credit cards, but I was simply wondering about Rupay credit card offers.

Are the Rupay offers just as good as the others? Is it a zero forex card internationally like Jupiter etc?

I personally have UNI GoldX credit card which is a Rupay credit card and it also has UPI system.
So we can link the credit card to UPI and then make UPI payments which will be added to the credit card.
We will be getting reward points for transactions above 100 rupees and those reward points can be converted into gold.
As the price of gold appreciates, our returns will also be increased and then at any point if we want then we can convert it into physical gold as well.

Besides that, it has zero forex markup fees and so we can make transactions without any fees on international spends.
If we pay our bills timely then it's a great thing to have. Quite valuable and that to free of cost as it is a lifetime free credit card with no annual fees.

[Bitcoin Smith]

~
Purchased a ton of stuff on both platforms(Especially on Amazon), but I never really cared much about the credit card discounts and all. I am well aware of the offers linked to HDFC, SBI etc credit cards, but I was simply wondering about Rupay credit card offers.

Are the Rupay offers just as good as the others? Is it a zero forex card internationally like Jupiter etc?

Some banks will offer visa and a Rupay card separately for the same credit line so you can use either as you wish and link the Rupay with UPI apps and you may not need to use the Rupay cards physically, that is the point I guess. I don't give much attention to the rewards section, coins and other things keeps accumulating and I don't even know the some reward points are good for anything?

[Cointikka]

Some banks will offer visa and a Rupay card separately for the same credit line so you can use either as you wish and link the Rupay with UPI apps and you may not need to use the Rupay cards physically, that is the point I guess. I don't give much attention to the rewards section, coins and other things keeps accumulating and I don't even know the some reward points are good for anything?

I have both cards, a Kotak Visa credit card and an SBI Rupay card. The only difference between the two cards is that Rupay is good for domestic use, while Visa is good for International use. Rewards on both cards are good, but Visa is better if you are a frequent traveller internationally and domestically. Both cards are good for making purchases on ecom website.