Interview a few of your family members and local shopkeepers, and ask them their preferences in making and receiving payments—do they prefer cash or UPI? Why?
Expected findings from interviews: Family members may prefer UPI for convenience, speed, and not needing to carry cash.
They might cite benefits like instant transfers, digital records, and safety from theft.
Shopkeepers may have mixed preferences—some prefer UPI for ease of transactions and not needing to give change, while others prefer cash to avoid technical issues, internet dependency, or transaction fees.
Older family members might prefer cash due to familiarity and distrust of technology, while younger members prefer digital methods.
The interviews would reveal factors influencing payment preferences: convenience, security, technological comfort, record-keeping needs, and the nature of transactions (small vs. large amounts).
Explanation
The chapter discusses digital money and modern payment methods like UPI (Unified Payments Interface). It mentions Krishnappa, a fruit seller, who uses QR codes for digital payments. The activity encourages students to understand real-world payment preferences. The chapter states: 'Different payment methods like debit cards, credit cards, net banking, UPI (Unified Payments Interface), etc., are also used for transactions. These mediums directly transfer money from one person's bank account into another.'
Solution Steps
Family members may prefer UPI for convenience, speed, and not needing to carry cash
UPI benefits include instant transfers, digital records, and safety from theft
Shopkeepers have mixed preferences—UPI for ease of transactions versus cash to avoid technical issues and fees
Older family members tend to prefer cash due to familiarity, while younger members prefer digital methods
Key factors influencing payment preferences: convenience, security, technological comfort, record-keeping needs, and transaction size