In the era of Digital India, the Unified Payments Interface (UPI) has made life much easier. Today, instant mobile payments are available everywhere, from small shopkeepers to large shopping malls. However, while this convenience has brought relief, it is also raising concerns about increased spending. With the rapidly increasing UPI transactions, people’s spending habits are also changing.
In the past, people mostly used cash. Every time they spent cash, they felt like money was slipping out of their hands, which led them to spend more judiciously. However, the advent of digital payments has made spending easier. Now, payments are made with a single click, reducing the sense of expense. This often leads to people overspending on small things.
What is the Pain of Paying?
The Pain of Paying is a psychological condition in which a person experiences a mental sense of spending when spending money. When people used to make cash payments, they felt like money was being taken out of their pockets. However, with UPI and digital payments, this feeling is reduced. This results in people spending even when they don’t need to, and they don’t immediately realize it.
How UPI Transactions Are Growing
According to data from the National Payments Corporation of India, UPI transactions are steadily increasing. In January, UPI transactions increased by approximately 28 percent year-on-year. The total number of transactions reached 21.70 billion. The average daily transaction value has also increased, from approximately ₹90,200 crore in December to approximately ₹91,403 crore in January. This clearly shows that digital payments have rapidly become a part of people’s lifestyles.
Digital Convenience Leads to Rising Spending
UPI has reduced dependence on banks and ATMs. It saves time and makes payments easier. However, this very convenience often leads to people losing control over their spending. When cash isn’t readily available, it’s difficult to accurately estimate expenses.
How to Control UPI Expenses
UPI has become a vital necessity these days. Clearly, people no longer need to visit ATMs or carry cash. However, if you want to avoid unnecessary spending using UPI, keep a few things in mind.
1- Spending can be controlled even while using digital payments. People can set a daily transaction limit in their UPI app to avoid unnecessary spending.
2- Occasionally using cash for small expenses can help better control spending.
3- It’s also important to create a monthly budget and track your expenses to identify which expenses you can reduce.
4- Develop the habit of taking some time to think before making a purchase. Often, when you shop online and pay using UPI, you may end up buying unnecessary items without even realizing it. So, make it a rule to take some time and think before making a purchase.
Proper use of digital payments is essential
UPI has made a significant contribution to digitizing the country’s economy. But using it correctly is also crucial. If people maintain strong financial planning, they can easily save money while also utilizing digital payments.
Related Posts
Rohit P
My name is Rohit Pal, and I have been working in the field of journalism for the past five years. During this time, I have written on a variety of topics, including business, automobiles, technology, and politics. I have worked with several major organizations and am currently working with Timesbull.
Related Stories
Business
Education
latest news
Auto
Business
Auto
Education
Business
Business
Education