India’s largest bank State Bank of India (SBI) announced on 30 November 2025 that the bank will completely discontinue the M-Cash service. From December 1, 2025, it will not be possible to send money through mCASH on the OnlineSBI platform and YONO Lite app. The bank has advised account holders to use secure digital payment means like UPI, IMPS, NEFT or RTGS to transfer money to any person or account.

What was mCASH service and how did it work?

mCASH was a money transfer facility of SBI through which you could send money only with the help of mobile number or email ID and an mPIN code. The receiver received a link or code, which he used to claim through the app or link. After making the claim, the money was transferred directly to his bank account.

Why was mCASH service discontinued?

SBI described mCASH as an old and less secure process. Now secure digital payment methods like UPI, IMPS, NEFT and RTGS are being used in large numbers in the country. These are fast, secure and reliable, hence the bank advised the account holders to use modern digital payment platforms by removing mCASH.

In what ways can people transact now?

Unified Payments Interface (UPI)

UPI has become India’s fastest and most reliable digital payment platform. In this, the beneficiary’s bank account number or IFSC code is not required. You can send money instantly with just your mobile number or UPI ID. It is used everywhere from street vendors to big hotels. For UPI you can use BHIM, Google Pay, PhonePe or SBI’s own BHIM SBI Pay / YONO app.

IMPS i.e. Immediate Payment Service

There is such a fast banking facility through which you can send money instantly at any time of the day or night, weekend or holiday. This is very useful when you have to transfer money to someone’s account immediately, because the money is immediately deducted from your account and deposited into the beneficiary’s account. SBI customers can easily use it through net banking or YONO app. For transaction, you only need the beneficiary’s account number, bank name, IFSC code and sometimes mobile number. This is why IMPS is considered the most reliable digital payment option for immediate needs.

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UPI Record Transactions in October: A great example of how UPI transactions have become very popular in India is proved by the data of NPCI. The festive season has once again shown a tremendous boom in India’s digital economy. The biggest record till date was recorded through Unified Payment System i.e. UPI in October 2025. According to NPCI, a total of 20.7 billion transactions were made this month, amounting to Rs 27.28 lakh crore – an all-time high in terms of value.

Previous record broken

There was a record UPI transaction of Rs 25.14 lakh crore in May 2025. Two months later, in August 2025, nearly 20 billion transactions were recorded – which was the previous high in terms of volume. This time the transaction value increased by 16% compared to October 2024, while an increase of 9.5% was recorded compared to September 2025.

There were an average of 66.8 crore transactions per day. The daily average value stood at Rs 87,993 crore. This increase has been driven by the surge in retail purchases and online payments during the festive season (Dussehra and Diwali).

What do experts say?

Spice Money CEO Dilip Modi says that the continuous growth of UPI during busy sales periods like the festive season reflects the strength of India’s digital infrastructure and real-time payment capabilities. This shows that digital payments have now been fully adopted from cities to villages. UPI’s share in digital transactions in India: 85%, share in global real-time digital payments: around 50%.

Currently UPI operates in 7 countries – UAE, Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius. Its launch in France is being considered a major achievement as the first presence of UPI in Europe.

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Cash Transaction Rules: In the era of promotion of digital payments and online banking, the Income Tax Department has become very strict regarding large cash transactions. Whether you are withdrawing cash for personal use or for business purposes, it is important to understand how much cash you can legally transact in a day. Many people may not know that if you make cash transactions beyond a certain limit, you will not only be fined but you may also get an income tax notice. So let us know how much cash transaction can be done in a day under the Income Tax Act.

Section 269 ST

According to Section 269 ST of the Income Tax Act, no person is allowed to receive Rs 2 lakh or more in cash in a day from one or more persons. This restriction does not depend at all on whether the transaction is personal or business. For example, if you are selling a car and receive Rs 2.5 lakh in cash, then legally it is against the income tax law.

Penalty for violating rules

If you accept more than Rs 2 lakh in cash, the Income Tax Department can impose a penalty equal to the total cash amount received. For example, if you accept ₹ 5 lakh in cash for your property or business transactions, then the penalty on that can also be the entire ₹ 5 lakh. This penalty is imposed under Section 271DA and only the person receiving the cash is held accountable.

Why is this rule

The ₹2 lakh cash transaction limit was imposed to curb black money and tax evasion in the economy. The government’s aim is that all major transactions, whether through bank transfer, check or digital means, should be transparent and traceable. Even if it is a personal transaction, like giving money to a friend or relative, if it is more than Rs 2 lakh then it can be investigated.

Income Tax Department Monitoring System

The Income Tax Department uses AI-powered data analysis to monitor unusual or high-value cash deposits and withdrawals. Along with this, an alert can be issued on cash deposit or withdrawal of more than Rs 10 lakh in a savings account or Rs 50 lakh in a current account in a financial year. Not only this, but many cash transactions of less than Rs 2 lakh can also be identified as suspicious to avoid detection.

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The central government has taken a big step to bring digital transparency in schools. A letter has been issued by the Central Government to the schools of all the states and union territories. In this, the Education Ministry has requested all the education institutions like NCERT, CBSE, KVS and NVS to adopt digital payment mode, especially UPI, for paying fees. The Education Ministry says that in this way, not only will the long queues for paying fees in schools end, but this step will also keep the school administration updated in terms of technology.

Why is UPI necessary in schools?

Fees in schools are always paid by cash. In such a situation, parents have to set aside time to come to school to pay the fees. Also, at the time of new admissions and examinations, there is a lot of crowd at the fee counters, due to which parents and children have to wait in long lines to pay the fees. Moreover, sometimes this problem increases even more if fee receipt is not received or cash is not available. In such a situation, in online mode, parents can deposit the fees sitting at home with one click without any delay and its record also remains safe forever. Also, through this, cashless payment will be done easily.

How will UPI bring change?

This system also promotes the idea of ​​Digital India. With this initiative, not only will school administration become better but parents will also become more and more digitally literate. To create a developed India by 2047, it is very important to bring changes in the field of education. Be it teaching children through smart classes or using UPI to pay school fees.

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Digital Payments: UPI has brought a major revolution in digital transactions in India. With this, it has become much easier to transfer money instantly from bank to bank using just a mobile number or UPI ID. But meanwhile the question arises that how does the United States, which is far ahead in technology, do digital money transfer? Let us know the method of transferring money in America.

How did digital payments start?

As more people across the world are adopting mobile-based payments, cash is slowly disappearing. UPI in India has made the process of transactions much easier, from paying for groceries to transferring money to family and friends. Even internationally, countries like Qatar are using UPI for instant payments. But apart from all this, America has adopted many types of digital payment systems. But none of them provide government support and other facilities like UPI.

wallet based transfer

In the US and many European countries, digital payments are often made through wallet services like Apple Pay, Google Pay and Samsung Pay. All these platforms transfer money instantly but they work as wallet to wallet payments. Unlike UPI, all these systems do not transfer money directly between bank accounts in real time.

The closest alternative to UPI

However, wallet services are prevalent and there are some bank-to-bank transfer systems in the US that are similar to UPI. Zelle, a payment platform created by US banks, allows sending money directly from one bank account to another. Similarly, apps like Cash App and Venmo also provide the facility of bank to bank transfer.

Technology is not like India

Despite being much ahead in technology, there is not a single standardized system in the American market. There is no facility like UPI that can integrate all the banks for instant payment. This means that users here have to choose from multiple services based on convenience, bank or transaction limit, whereas in India, UPI works seamlessly across almost all banks and apps. The situation is exactly the same in Europe also. Although there are mobile wallet and instant payment apps, they do not provide bank to bank transfer system.

UPI Payment Security: UPI (Unified Payment Interface) is now going to change the methods of online payment. In today’s superfast life, transactions up to thousands of rupees with just one click occur in seconds. Due to this, everyday life has become cashless and much easier. Now, whether to distribute the bill in the restaurant or to borrow money from a friend, UPI has become an important means for digital transactions. But now a big change is going to come, which will affect millions of users. Let’s know what is this change.

New change in UPI transaction

The National Payments Corporation of India has announced that now Person to Person ‘Collect Request’ or ‘Bridge Transaction’ feature will be closed from 1 October 2025 i.e. from today. Apps like Phone Pay, Google Pay and Paytm will no longer allow users to send payment requests directly to friends, relatives or their experts.

What is UPI ‘Collect request’ feature

Actually, with the help of this feature, one person could send a payment request to another user by entering UPI ID. For example, if you want to take money from your friend, then you could send them a request from your UPI app. After this, your friend would accept that request and put his pean, the money would be transferred to your account. This feature was very convenient, but at the same time it was becoming dangerous over time. Let’s know how.

Why was this feature dangerous

Actually, even though this facility was made for ease, with the help of this, the fraudsters were benefiting a lot. Scammers used to send fake requests to unknown users and implicate them to pay. Although earlier, the National Payments Corporation of India had reduced the request limit to ₹ 2000 to prevent misuse, but even then the fraud continued. Now after this, this feature is being closed forever to stop this fraud.

Traders will still have access

The important thing is that this feature will not be completely eliminated. Marchants like IRCTC, Flipkart, Amazon or Netflix will be able to send payment requests to customers for ticket booking, shopping or subscription. This feature is being banned only for Person to Person Transaction.

How to affect users

After the closure of this feature, from 1 October 2025, you cannot ask for money from friends or relatives using UPI Collect request. To transfer the money, you have to use the mobile number directly from the QR code, the receiver’s UPI ID, or the mobile number linked to UPI.

This feature is being closed for the purpose of increasing the security of digital payment. With this, now after this step, users will get relief from the scam. Users are advised to always check the payment request thoroughly before transferring money and must find out where the money is going.

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On the one hand, the trend of UPI has increased rapidly in the country, on the other hand, dependence on credit card is continuously increasing on low income people. A study has revealed the fact that about 93 percent of the salary people who have earned less than 50 thousand rupees are dependent on this plastic money.

A study by Think 360 dot AI states that the financial behavior of more than 20,000 salaried and self -employment in India was analyzed in India during a year. According to this, 85 percent self -employment people are dependent on credit cards.

Dependence on credit card of low income people

The study released on Tuesday said that ‘buy now, pay later’ (BNPL) services are used by 18 percent self -employment person and 15 percent salaried people. According to news agency PTI, Amit Das, founder and CEO of ‘Think 360.com’, says that in India’s developed debt scenario, credit cards and BNPL have now become needed for all, from salaried professionals to temporary personnel.

This report of the think tank also mentions the increasing influence of financial technology companies (Fintech), which leads India’s digital debt revolution. The study stated that Fintech companies distributed individual loans worth more than Rs 92,000 crore in Financial Year 2022-23, which is 76 percent of all new loans according to quantity.

Credit card changed rules

Significantly, the credit card holders are given a certain time-limit to pay the money. Apart from this, after spending up to a limit on credit card, many types of offers are made by the bank. In such a situation, it is quite popular for low income people from paying home bills to shopping.

Meanwhile, SBI has now changed some rules for credit card holders. These changes include the minimum insurance and payment settlement process on the premium card along with the minimum amount duty.

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Upi down: Digital payment is increasing very fast in the country. The number of people making digital payments has also increased. However, technical problems are also coming out due to increasing dependence on digital payment. On Saturday, once again a large number of people complained about not working of UPI platforms like Google Pay, Phonpe and Paytm. Thousands of users have raised the matter of failure failure, transaction stuck and transfer in transfer on social media. Let us know why UPI payment comes to a standstill.

NPCI replied

NPCI is Currently Facing Intermittent Technical Issues, Leading to Partial UPI Transaction Declines. We are working to resolve the issue, and will keep you updated.

We regret the increase caused.

– NPCI (@NPCI_NPCI) April 12, 2025

According to the information, the National Payments Corporation of India (NPCI) has posted a post on X in which information about the stallest UPA has been shared. According to NPCI, UPI services have been interrupted due to some technical difficulties. He said that the team is engaged in solving this problem. However, once again no clean or concrete response has come out. Like every time, NPCI has postponed the matter by naming it just a technical problem.

People are getting upset due to UPI shutdown

Let me tell you that this is not the first time when UPI payment has come to a complete standstill. In the past, this has been seen many times when people have faced trouble on UPI payment like Google Pay, Phone Pay Plaform. This is the third time in the last one month when users have suffered such problems. After adopting digital payment, people have almost forgotten to carry wallets or cash. In such a situation, when UPI services suddenly come to a standstill, everyone from common people to shopkeepers has to face a lot of problems.

NPCI should answer

UPI is the most commonly used payment system in the country. In such a situation, its thrice stalled in a month raises a serious question on the system. Users are very upset due to frequent technical disturbances and this is also getting less than UPI. In such a situation, NPCI needs to take a clear and strong stand on this.

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