If you put your money in a bank account, and if the bank went out of business tomorrow, well, you’d lose your deposit. (View Highlight)
If you wanted to take all your cash, and convert it electronically, and have the same principles of guarantee apply to it, there’s no way to do that. (View Highlight)
UPI is crippling the core banking system used by most of India’s banks (View Highlight)
Aishwarya Jaishankar, who has led digital initiatives at various private sector banks and is now Co-Founder of Hyperface which provides tech stack for credit cards, said, “The core banking systems were built for the back offices and branches of banks and have scaled from there. But now modern customers want to be served digitally, needing a front-end focussed experience that banks are struggling to create with pure-play core banking systems.” (View Highlight)
The core banking systems too are legacy software built over the past two decades and have reached a scale that makes it difficult to upgrade these to handle the increasing volumes. Hence, the knowledge required to operate these systems too is similar to what was required years ago (View Highlight)
The digital rupee, since it’s a wallet on your device, is intended to act as a way for anyone to transfer money without hitting the core banking system. It’s a wallet to wallet transfer. (View Highlight)
UPI is already working to solve this problem.
By implementing a wallet on your device that’s intended to act as a way for anyone to transfer money to someone else, without hitting the core banking system each time.
It’s called UPI Lite . (View Highlight)
