Why peer to peer digital payment system UPI should remain free in India • Hacker News Board

Re: Why peer to peer digital payment system UPI should remain free in India

#41

Post by 6510 » Wed, Sep 14, 2022, 12:33 PM UTC

unmole wrote: post #34

potamic wrote: post #28

Earlier quoted context omitted.

Payments ultimately keep the economy running, and it's in the government's best interests to make sure there is as little friction as possible here. But I'm not sure it should be free. Because there is always a cost to things. If UPI is "free" then it is being funded by the taxpayers. The problem with that is, it's not very equitable distribution of cost. People who use payments less, are funding it on behalf of peop…

UPI is supposed to replace cash. Cash is free.

This is so obvious I keep want to say it in topics like this: What have we gained with all this automation if clowns decide % fees are reasonable. Before you know it large players capture the market and we are stuck with ever growing fees. What percentage of startups are trying to improve something vs hoping to capture a market? How do you even tell the difference at this point?

Things are so silly that numbers cost money now. Many imagined the dystopian future where people are numbers but few could picture it this dark... You would think you got your own number and are stuck with it. In stead you merely get to rent a number and if you cant pay the rent the system is to troll you hard for god knows how long.

How is this superior to cash?

Re: Why peer to peer digital payment system UPI should remain free in India

#42

Post by MichaelZuo » Wed, Sep 14, 2022, 11:36 PM UTC

pdrojack wrote: post #30

MichaelZuo wrote: post #20

Cmd+F to find ‘liability’ and the word only appears once in the very bottom disclaimer explaining that the author does not accept ‘liability’ for anything written. I guess the topic of who has liability for this financial system, and the cost of that liability, is too unimportant to be worth mentioning? e.g. In case of a breach of personal information, transaction records, etc., who would be held responsible?

The Bank where you account is.

So then isn’t it obvious the bank should charge some fees, make some profits, etc., to cover the cost of their liability burden? The article seems to write in a roundabout way such that it gives the impression there’s something special happening, outside of what the default expectation would be.

Re: Why peer to peer digital payment system UPI should remain free in India

#43

Post by deepakshenoy » Fri, Sep 16, 2022, 1:57 AM UTC

spaceman_2020 wrote: post #38

deepakshenoy wrote: post #33

Earlier quoted context omitted.

Small merchants will ditch UPI Tiered just doesn't help if you want to encourage growth...it caps growth. Only very few large merchants will pay who already pay for debit or credit cards. Many of them pay for UPI anyhow as gateways charge a platform fee. Banks are paid by float for all payments including neft, cheques and cash atm, all of which are free for small amounts and UPI is defined as a small amount. When flo…

Didn't realize you actually had an account here - long time reader Mr. Shenoy.

Cheers