why do we make most of transaction in form of money?
Answers
The Reserve Bank of India (RBI), on December 24, introduced a new option to daily payments at local shops and retail outlets for the purchase of daily household goods and services. This semi-closed prepaid payment instrument (PPI) will come with a monthly rechargeble limit of Rs 10,000.
However, unlike the PPIs that are available now, the new instrument can only be used for making retail payments. You cannot use it to transfer funds to other PPIs, make credit card payments and so on. For instance, at the moment you transfer funds from one Paytm account to another. With the new PPI, you cannot do this. Further, you can only add funds into the PPI using your bank account; you cannot use your credit card or another PPIs...
A PPI can be used to buy goods and services as well as transferring/sending money to a friend, family, etc. Some of the commonly used PPIs include Paytm, Mobikwik (semi-closed system PPIs), Gift card (closed system PPIs), Travel/Debit/credit cards (open system PPIs).....
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