451–460 of 703 posts
Rupay is a direct alternative to Visa and MasterCard. UPI is peer to peer payment system for any bank account linked with a phone and debit card.
So far government has been successfully in both of these endeavours.
https://en.wikipedia.org/wiki/RuPay?wprov=sfla1
https://www.business-standard.com/article/economy-policy/rup...
Fraud protection of credit cards is the root of modern e-commerce. In some ways, Visa and Mastercard are the privatized court systems of the internet. If I end up on a random, self-hosted ecommerce site and decide to make a purchase - what guarantee do I have that the item will show up or be as-described? If I bought something through a bank transfer, reversing that purchase would be incredibly difficult. And, suing…
As your post illustrates credit cards are really a solution developped for the deficiencies in the US banking system which have been exported to the rest of the world due to the dominance of the US market. 20 years when I was still living in Germany, hardly anyone had a credit card, while everyone was using automatic payments and electronic wiretransfers. I was very surprised when later (about 13 years ago) a US frie…
Disagree.
This is like saying "This illustrates that the US bankruptcy system is a solution for the deficiencies in the US credit industry".
What you see as a "deficiency" I see as "pro-consumer". As a credit card customer, I carry almost no risk of fraud. Why? Because my credit card company controls payment and will just reverse it if needed. They are also happy to keep retailers in line by holding them to contractual obligations.
It's a system I'd prefer than some direct payment from my bank where the risk of fraud and its resolution is entirely on me.
Earlier quoted context omitted.
"Markets" here means some limited ability to transfer to/from India, but nobody uses UPI for domestic transactions in these places. Singapore has an equivalent system called PayNow, which is equally instant and ubiquitous.
PayNow (NETS) works with ~5 banks and is effective within a place as large as major city. Hardly an analog.
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biiig asterisk on that is necessary basically friends in the same country using a select few major banks are likely to have instant sepa available between them and it seem like the normal thing, while the reality is that instant-sepa is a massive patch work of availability between countries, banks, currencies an outsider to the EU trying to do business is unlikely to be a part of a social circle where everyone is usi…
Normal SEPA is max 2 days and usually it takes one. That’s not what I would call super slow.
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Its called Direct Debit guarantee, UK had it for decades: "Immediate refunds. You can get a full and immediate refund from your bank (also known as an “indemnity claim”) for any payment taken in error." https://gocardless.com/guides/posts/dd-guarantee-in-plain-en...
Who defines whether a payment is or is not in error? Has the USA really made me that cynical?
You'll have to explain to the company that deducted the money why you reversed the charge though, and if it was legit after all you still need to pay them.
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The benefit of credit cards is no one can literally drain your bank account via fraudulent access to a payment card directly tied to your bank (i.e. debit card in US nomenclature). This is a clear benefit regardless of location. Courts are slow and not scalable, and you don't want to be in a scenario where your bank has been drained right before you need to make important payments.
> The benefit of credit cards is no one can literally drain your bank account via fraudulent access to a payment card directly tied to your bank (i.e. debit card in US nomenclature This difference is a consequence of law, not payment technology. It's entirely possible for someone to make fraudulent charges on a card up to its limit (which would be the analogue of draining a bank account), but CC companies are require…
Yes, that's the beauty of it. When using credit cards you can know you're not liable for losses, full stop. The bank can't suddenly change their policy because it comes from regulation.
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> The benefit of credit cards is no one can literally drain your bank account via fraudulent access to a payment card directly tied to your bank (i.e. debit card in US nomenclature This difference is a consequence of law, not payment technology. It's entirely possible for someone to make fraudulent charges on a card up to its limit (which would be the analogue of draining a bank account), but CC companies are require…
>There's no technical reason why bank accounts couldn't be similarly protected, but banks have thus far been successful in preventing such laws from being enacted. My bank's (Chase) policy limits debit card customer fraud losses to the same $50 that the law requires of credit cards. Not sure about other banks, but while I'm not sad that I have this protection, Chase's anti-fraud measures for debit cards (mostly progr…
Yes, many banks do. But be aware that when using a debit card, it's just the bank policy of being nice that protects you. They have the right to change that policy on a whim.
When using a credit card, that protection is built into the regulations so you can count on it.
Always use a credit card, never a debit card, is the safest approach.
Earlier quoted context omitted.
The benefit of credit cards is no one can literally drain your bank account via fraudulent access to a payment card directly tied to your bank (i.e. debit card in US nomenclature). This is a clear benefit regardless of location. Courts are slow and not scalable, and you don't want to be in a scenario where your bank has been drained right before you need to make important payments.
3% of your credit card spend is a steep cost to pay for that security though, they can't clean out all your money if you don't tie all of it to the debit card, just put a months worth there at a time and you are better off with debit unless you get your debit card stolen every year or so. It isn't more work than credit either, instead of paying it off every month you fill it up every month. And for fraud protection,…
You're not paying anything for the protections the credit card offers.
Or more precisely, you are but we all are, even if you pay cash or with a debit card, since the vendor prices the items accordingly and there's no cash discount. (There are exceptions, but very rare in the US.)
And most credit cards give you cash back so it's actually cheaper.
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Why would I not use a credit card? It's essentially a better debit card in every scenario, except for when paying with a credit card has an additional fee.
1. Extra hassle of interaction with a second company other than your bank, extra credentials, tracking balances, etc. etc. When I was living in the Netherlands I had my bank-account-attached Maestro card (or sometimes cash) and that was that. Except when foreign companies needed a credit card. 2. Fees. The whole point of credit cards - for the CC companies of course - is fees.
Nearly every (probably every) bank issues credit cards (they'll ultimately be Visa or MC, but cobranded by your bank) if you want to get everything from one place.
> Fees. The whole point of credit cards - for the CC companies of course - is fees.
What fees? There are no fees. In fact there are nearly always cash back (or points, or something) that benefit you.
Sure, the merchant pays CC fees, but those are bundled in the price of the item so you'll be paying those even if you pay cash. So might as well use a credit card and get all the legal protections that only credit cards guarantee + some cash back.
Earlier quoted context omitted.
The benefit of credit cards is no one can literally drain your bank account via fraudulent access to a payment card directly tied to your bank (i.e. debit card in US nomenclature). This is a clear benefit regardless of location. Courts are slow and not scalable, and you don't want to be in a scenario where your bank has been drained right before you need to make important payments.
> The benefit of credit cards is no one can literally drain your bank account via fraudulent access to a payment card directly tied to your bank (i.e. debit card in US nomenclature This difference is a consequence of law, not payment technology. It's entirely possible for someone to make fraudulent charges on a card up to its limit (which would be the analogue of draining a bank account), but CC companies are require…