Netbanking and UPI is so popular here. I last used debit card about 3 years ago.
I do not think its not even concern if MC is entirely banned
India bans MasterCard from adding new customers
101–110 of 180 posts
Re: India bans MasterCard from adding new customers
#102Earlier quoted context omitted.
Have you heard about the 100, 70 and 30 years wars? The massive death toll and destruction in the world wars was largely a result of much more effective military technology. There was simply no way to kill as much people and destroy as much property in such a short time frame in any preceding wars. And I don't really see what a loose monetary policy could have anything to do with this. Before the 20th century countri…
I am advocating hard monetary policy (ala a gold standard, a bitcoin standard) as a method for disincentivizing war. When you cannot replace the capital spent on war via inflation, war is less likely to occur. I acknowledge this is a fringe philosophy, but time will tell.
> but time will tell
Well the gold (or silver) standard had been a thing for thousands of years and I don't think there is much empirical evidence to suggest that a country's inability to control it's monetary policy somehow inherently disincentivizes it's government from waging wars.
Talking about inflation specifically, there was relatively little of it during both WW1 and WW2 since all countries implemented price controls and rationing and pretty much nationalized all the available production capacity.
Re: India bans MasterCard from adding new customers
#103Earlier quoted context omitted.
Forcing the data to reside in India. Forces companies to build data centers (jobs) in India. Forces the deployments to be in India. And drives benefits to the local players over international bodies.
Yeah, I suspect that is the logic, such as it is. Quite unburdened with an understanding of how trade works, and seemingly susceptible to the greater fool theory of trade - I'll do it because I'm so smart, but that guy over there won't, and my companies will reap benefits. Not for long.
The Chinese great firewall, even though it is primarily to not allow info flow from outside, one benefit has been that, a lot of the internet companies that operate in china have been local and they were able to develop without any competition from western players. This has benefited china and its companies. But in the rest of the world its mostly the SV companies who rule the roost.
There are bith advantages and disadvantages to protectionism I feel.
Re: India bans MasterCard from adding new customers
#104Earlier quoted context omitted.
I am advocating hard monetary policy (ala a gold standard, a bitcoin standard) as a method for disincentivizing war. When you cannot replace the capital spent on war via inflation, war is less likely to occur. I acknowledge this is a fringe philosophy, but time will tell.
> but time will tell Well the gold (or silver) standard had been a thing for thousands of years and I don't think there is much empirical evidence to suggest that a country's inability to control it's monetary policy somehow inherently disincentivizes it's government from waging wars. Talking about inflation specifically, there was relatively little of it during both WW1 and WW2 since all countries implemented price…
There was the debasement of the currency of the Roman Empire, which lead to its failure. This was done for reasons of waging war.
I am arguing that if you remove the ability for a state to create money (or at least debase it), it removes the ability for it to wage war. Continuous war requires continuous capital to wage. If this continuity is ended, wars end.
Re: India bans MasterCard from adding new customers
#105Earlier quoted context omitted.
You think it is fair for companies to be required to run servers in every country they operate in? That seems pretty wasteful and inefficient to me.
It's a billion person country. It might not make sense for every country to demand things like this, but that doesn't mean it doesn't make sense for giant countries too, and it doesn't make it inefficient. At India's scale costs are already amortized anyways, but worse, consider India's physical location. It's surrounded by hostile nations (Myanmar, China, Pakistan, make a wall around it). To get data out of the coun…
Data can also move by satellite.
Re: India bans MasterCard from adding new customers
#106Earlier quoted context omitted.
All data is capable of being decrypted somewhere. Usually where you are storing it. Otherwise you can't do anything with it. Storing data encryped in north korea, with the capability to fetch and decrypt that data in Sweden, is approximately equivalent to storing the unencrypted data in Sweden (as far as hackers, law enforcement, etc. are concerned), except you've now added the additional risk that north korea only n…
Usually where you're processing it, not where you're storing it. That's when you need to do something with it. Encrypting the data at rest has the major benefit of making its physical location completely irrelevant. Transmitting the data while encrypted has the major benefit of making the physical location of all the nodes through which it passes completely irrelevant. Hence the only thing that matters is the geograp…
Physical location and encryption should be treated as two independent protection requirements, both of which have to be met. Just because something is encrypted doesn't mean it is protected, we already have a few encryption schemes that are no longer considered secure and even if you cannot crack a scheme right now there is always the weak link[1] in the chain.
Re: India bans MasterCard from adding new customers
#107Earlier quoted context omitted.
It's a billion person country. It might not make sense for every country to demand things like this, but that doesn't mean it doesn't make sense for giant countries too, and it doesn't make it inefficient. At India's scale costs are already amortized anyways, but worse, consider India's physical location. It's surrounded by hostile nations (Myanmar, China, Pakistan, make a wall around it). To get data out of the coun…
Afaik, Myanmar is not a hostile country. Neither the elected government nor the military dictatorship has animosity at the state level.
Right now yes. However any neighboring country with a recent coup doesn't fill you with confidence.
Re: India bans MasterCard from adding new customers
#108Earlier quoted context omitted.
> the subscriptions are now required to be paid monthly by people I have a bunch of subscriptions (App Store, JetBrains, AWS etc.,) which continue to seamlessly go through without me having to explicitly authorise each month. I suspect there is a fine print/subtext to that subscriptions rule that isn't accessible to public.
Sorry, I deleted that part of the comment as it didn't apply to this topic at hand. Multiple companies have dropped subscription support in india or changed things due to the recent RBI rules around mandates. https://gadgets.ndtv.com/apps/news/amazon-prime-membership-o... https://help.ads.microsoft.com/#apex/ads/en/52003/3 EDIT: Another useful one: https://support.google.com/pay/india/answer/10710851?hl=en It looks l…
You are right in that I haven’t seen any Indian merchants offer subscriptions anymore. And yes that e-mandate, I believe that UX is not ideal so there’s not much adoption. E-Mandates were launched as part of UPI 2.0 but there are hardly any merchant offering them. I wonder what’s holding them back besides bad UX.
But I have a gut feeling that international merchants are exempted from this rule. Because I can go to JetBrains even now and subscribe to their products.
Re: India bans MasterCard from adding new customers
#109It is really interesting that there's even a debate over this. US and EU have long had similar policies in the name of "national interest" or "protecting the consumers", but if other countries have similar policies, it suddenly becomes a negative thing.
I think the hard reality of it is data needs to be localized, to ensure companies comply with local laws. Every country has independent authority on how they want to run things, and whether it turns out to be good or bad, companies need to follow them.
Re: India bans MasterCard from adding new customers
#110Earlier quoted context omitted.
> but time will tell Well the gold (or silver) standard had been a thing for thousands of years and I don't think there is much empirical evidence to suggest that a country's inability to control it's monetary policy somehow inherently disincentivizes it's government from waging wars. Talking about inflation specifically, there was relatively little of it during both WW1 and WW2 since all countries implemented price…
There was the debasement of the currency of the Roman Empire, which lead to its failure. This was done for reasons of waging war. I am arguing that if you remove the ability for a state to create money (or at least debase it), it removes the ability for it to wage war. Continuous war requires continuous capital to wage. If this continuity is ended, wars end.
Then you're arguing for abolishing the state in general. Because otherwise individuals would have no way of preventing the state from either taking away their non-inflationary money/coins or banning which would result in significant reduction it's value.
> There was the debasement of the currency of the Roman Empire, War was the reason why Roman empire existed in the first place. In fact some argue that the Roman economy was only sustainable as long as Rome continued conquering new lands, enslaving their populations and taking away their property. As soon as the empire stopped expanding they were long able to maintain their army. Arguably, without debasement the collapse might have happened sooner they would have ran out of gold to pay their soldiers anyway.