₹ Erupee transactions hit 1 million per day

pawanjain

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Quote from: TheUltraElite on March 13, 2024, 08:18:55 AM

Quote from: pawanjain on March 11, 2024, 11:01:58 AM

Yes, we do see offers on Binance P2P which accepts the transaction in eRupee. In fact, I just made my first eRupee transaction.
I made a P2P transaction on Binance and encashed some money into the eRupee wallet.
After that, I redeemed the amount which then got credited directly to my bank account.

Can you tell us a bit about the details of this process and how much in total you had to pay ("Waste") in fees? What about taxation and all that horrible stuff?

I thought Binance was blocked by our ISPs at present. Did you use a VPN to access it?

If it is good enough, then we can proceed with selling some of our crypto stashes during this bull run.

I was using binance app in my phone. It is still accessible without any VPN.
You cannot install it from playstore anymore but if you already have it installed then you can continue using it.
On Binance, I just matched a P2P order for a certain price and that was it. There were no additional charges.
The amount they showed was the same that got credited in my eRupee wallet and then I redeemed it in bank account.
There were no such charges in getting it in the bank. Now it all depends on what you show in your ITR while filling taxes.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: pawanjain on March 11, 2024, 11:01:58 AM

Yes, we do see offers on Binance P2P which accepts the transaction in eRupee. In fact, I just made my first eRupee transaction.
I made a P2P transaction on Binance and encashed some money into the eRupee wallet.
After that, I redeemed the amount which then got credited directly to my bank account.

Can you tell us a bit about the details of this process and how much in total you had to pay ("Waste") in fees? What about taxation and all that horrible stuff?

I thought Binance was blocked by our ISPs at present. Did you use a VPN to access it?

If it is good enough, then we can proceed with selling some of our crypto stashes during this bull run.

pawanjain

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Quote from: Bitcoin Smith on March 10, 2024, 01:48:20 PM

Quote from: pakhitheboss on March 08, 2024, 08:42:38 AM

BTW, I found a way to get anyone being duped on Binance P2P. Ask the merchant to pay in eRupee and they will avoid their bad money to be credited. If you don't understand why then do understand that it is governed by RBI.

Do you see offers to receive payments in erupee? I haven't seen any such payment offers on Paxful which I regularly use, so I may check it out how good the user experience of trading in erupee.

Yes, we do see offers on Binance P2P which accepts the transaction in eRupee. In fact, I just made my first eRupee transaction.
I made a P2P transaction on Binance and encashed some money into the eRupee wallet.
After that, I redeemed the amount which then got credited directly to my bank account.

Bitcoin Smith

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Quote from: avikz on March 07, 2024, 12:06:54 PM

So I really this digital rupee is going to work like digital wallets. You need to link your bank account put money on to that wallet and use it anywhere. That got me thinking, if I have to link my bank account, then why can't I just use upi? I mean what a difference does it make for the individuals?

Usually any government apps work like shit. If you simply compare BHIM during the initial days of upi with what it is now, you will understand. The UI can become better with time, but not the intention!

I don't see any difference either but for now we can't really spend erupee cause merchants accepting eruppe is close to zero in my circle but private banks already into the games and launched their official erupee wallet/app that looks like bug free, I tried ICICI official app which is doing all the work as its supposed to be, but only issue is I can't find a merchant to use the money.

Quote from: pakhitheboss on March 08, 2024, 08:42:38 AM

BTW, I found a way to get anyone being duped on Binance P2P. Ask the merchant to pay in eRupee and they will avoid their bad money to be credited. If you don't understand why then do understand that it is governed by RBI.

Do you see offers to receive payments in erupee? I haven't seen any such payment offers on Paxful which I regularly use, so I may check it out how good the user experience of trading in erupee.

kentrolla

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Quote from: avikz on March 07, 2024, 12:06:54 PM

So I really this digital rupee is going to work like digital wallets. You need to link your bank account put money on to that wallet and use it anywhere. That got me thinking, if I have to link my bank account, then why can't I just use upi? I mean what a difference does it make for the individuals?

Usually any government apps work like shit. If you simply compare BHIM during the initial days of upi with what it is now, you will understand. The UI can become better with time, but not the intention!

I though I was the only one who had this question, yes how is it different than UPI payments? If we have to top up the wallet and then make the payment why would people adopt to it? they have initially persuaded bank employees to make transactions through it to show volumes and UI will indeed increase but there should be an USP for any product and I couldn't find one and I am sure government is not going to come up with any cashback or something like that as they won't spend on incentivizing this and the mere cashback of Rs. 5 is not gonna help here.

pakhitheboss

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BTW, I found a way to get anyone being duped on Binance P2P. Ask the merchant to pay in eRupee and they will avoid their bad money to be credited. If you don't understand why then do understand that it is governed by RBI.

avikz

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So I really this digital rupee is going to work like digital wallets. You need to link your bank account put money on to that wallet and use it anywhere. That got me thinking, if I have to link my bank account, then why can't I just use upi? I mean what a difference does it make for the individuals?

Usually any government apps work like shit. If you simply compare BHIM during the initial days of upi with what it is now, you will understand. The UI can become better with time, but not the intention!

Smedia.Club

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Quote from: libert19 on January 09, 2024, 12:29:29 AM

Quote from: TheUltraElite on January 08, 2024, 10:15:44 AM

Quote from: Bitcoin Smith on January 07, 2024, 08:58:37 AM

YONO is pretty bad and I used them too because SBI as my first bank account like most of the Indian residents and 6/10 times the payments will be failed due to server error and for a government bank with such large userbase not given proper resource like HDFC or ICICI do.

As far as information from SBI employees go, they paid a lot of money to TCS to develop this app and look at what sort of a app they ended up with. From the outside it looks good but inside its buggy and not adopted to modern smartphones. Often goes on maintenance over weekends and server crashes are nothing new.

Indian government needs to hire quality developers as in the one hired by Paytm, Jupiter, DBS and such. All of government apps and banking apps (Except DBS) I have come across outright suck that I'd rather prefer to use their services through third party apps.

TCS is infamous for making petty apps, yet companies keep delegating development tasks to them.

you don't need quality when you already know it's going to act like shit, smell like shit, perform like shit.

pawanjain

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Quote from: avikz on January 17, 2024, 12:34:02 PM

Quote from: pawanjain on January 05, 2024, 11:37:13 AM

As we all know we have been recently getting mails from our banks asking us to try out their Erupee apps.
The Erupee copilot program was started in December 2022 and it has been almost a year now.
Until October there were roughly 25000 transactions per day but since RBI has poked banks to pump the transaction volume they have done a few things.
Banks like Kotak, HDFC, Axis etc... have started giving employee benefits to their employees and spiked up the transaction volume.
As per latest data there are around 1 million transactions happening on the CBDC ledger.
May be banks will now reconsider the UI/UX of their apps and start improvising on it.

Source: India's digital currency transactions top 1 million/day in December

Has anyone used the E Rupee in this forum yet? I have receiving emails from my banks but didn't yet sign up for this. Can anyone share their experience here? It will help others to understand more about the system and might encourage people to sign up for it.

The only reason I didn't sign up, is to avoid additional surveillance on my account. I am very much concerned about this.

I had installed the app for testing purpose and my review is below.

In the registration process, I had observed that they were linking my bank account with the wallet without even giving the flexibility to choose whether I wanted to link my bank account or not. Then I observed that they were holding the private key on my behalf without providing any option to me for holding the keys.
These were 2 things that concerned me. After that I was able to use the app without any hassle and the UI doesn't seem bad to me.
It's good for starters and can improve with time.

avikz

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Quote from: pawanjain on January 05, 2024, 11:37:13 AM

As we all know we have been recently getting mails from our banks asking us to try out their Erupee apps.
The Erupee copilot program was started in December 2022 and it has been almost a year now.
Until October there were roughly 25000 transactions per day but since RBI has poked banks to pump the transaction volume they have done a few things.
Banks like Kotak, HDFC, Axis etc... have started giving employee benefits to their employees and spiked up the transaction volume.
As per latest data there are around 1 million transactions happening on the CBDC ledger.
May be banks will now reconsider the UI/UX of their apps and start improvising on it.

Source: India's digital currency transactions top 1 million/day in December

Has anyone used the E Rupee in this forum yet? I have receiving emails from my banks but didn't yet sign up for this. Can anyone share their experience here? It will help others to understand more about the system and might encourage people to sign up for it.

The only reason I didn't sign up, is to avoid additional surveillance on my account. I am very much concerned about this.

libert19

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Quote from: TheUltraElite on January 08, 2024, 10:15:44 AM

Quote from: Bitcoin Smith on January 07, 2024, 08:58:37 AM

YONO is pretty bad and I used them too because SBI as my first bank account like most of the Indian residents and 6/10 times the payments will be failed due to server error and for a government bank with such large userbase not given proper resource like HDFC or ICICI do.

As far as information from SBI employees go, they paid a lot of money to TCS to develop this app and look at what sort of a app they ended up with. From the outside it looks good but inside its buggy and not adopted to modern smartphones. Often goes on maintenance over weekends and server crashes are nothing new.

Indian government needs to hire quality developers as in the one hired by Paytm, Jupiter, DBS and such. All of government apps and banking apps (Except DBS) I have come across outright suck that I'd rather prefer to use their services through third party apps.

TCS is infamous for making petty apps, yet companies keep delegating development tasks to them.

TheUltraElite

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Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

Quote from: Bitcoin Smith on January 07, 2024, 08:58:37 AM

YONO is pretty bad and I used them too because SBI as my first bank account like most of the Indian residents and 6/10 times the payments will be failed due to server error and for a government bank with such large userbase not given proper resource like HDFC or ICICI do.

As far as information from SBI employees go, they paid a lot of money to TCS to develop this app and look at what sort of a app they ended up with. From the outside it looks good but inside its buggy and not adopted to modern smartphones. Often goes on maintenance over weekends and server crashes are nothing new.

Quote

But for the record it is the official erupee wallet app from SBI. Cheesy

I will wait before starting that journey. If I dont find any use of that system why will I install it. They need to convince me to use it not the other way round.

Bitcoin Smith

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Quote from: Bureau on January 07, 2024, 05:11:07 AM

The SBI app getting downloaded by 500+ users is very suspicious to me. They have one of the worst UI in apps, have you tried using the YONO app? Nothing works on that app as they claim.

YONO is pretty bad and I used them too because SBI as my first bank account like most of the Indian residents and 6/10 times the payments will be failed due to server error and for a government bank with such large userbase not given proper resource like HDFC or ICICI do.

But for the record it is the official erupee wallet app from SBI. Cheesy

eRupee by SBI

pawanjain

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Quote from: Bureau on January 07, 2024, 05:11:07 AM

Quote from: TheUltraElite on January 06, 2024, 12:42:49 PM

I guess their promotional logic is that if CBDC is made popular the use of crypto will reduce. But when I already have the UPI why will I use the CBDC? They are going to come up with more offers and promotions - but question is for how long they can sustain this? It will be a poorly managed ecosystem where only promos run the transactions.

That is the point why would anyone move from UPI to digital rupee? Promotion and making the mandatory requirements of its usage with employees of the bank won't help in the long term. There should be a valid reason to use it, which is not available as per my understanding.

That's right. There should be a purpose to use the app. UPI solved the problem of micro transactions and provided ease of convenience for money transfers.
ERupee is not doing anything different and so the chances are that it will not become as successful as UPI did.
That is the reason why the government is planning to merge UPI and eRupee. Don't know how that's gonna workout in the future.

Quote from: cafter on January 07, 2024, 03:56:48 AM

it is also possible that they have just lied about it..? but it can be possible because this app is already got downloaded by 500k+ users on play store, that too be only by SBI bank's app.

This might be off-topic since it is related to SBI, but I am sharing it here. Recently a group of scammers were caught in a small village in Tamil Nadu. They were running a SBI bank branch, but they got caught because the villagers felt they were too polite to be employees of SBI. So, they went and reported it to the local police station and that's how these guys were caught.

The SBI app getting downloaded by 500+ users is very suspicious to me. They have one of the worst UI in apps, have you tried using the YONO app? Nothing works on that app as they claim.

Lol

, I read this news and fell on the floor laughing because of the reason how the fraudsters got caught.
Too polite ? Lol.

Topic: ₹ Erupee transactions hit 1 million per day (Read 251 times)