71–80 of 147 posts
The vendor being able to instantly take out a loan is the real kicker here. If even a relatively small percentage of shopkeepers do this it will enable economic growth only seen in places like China in the 1990s, the effect will be multiplicative throughout the economy
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from my research, here is what I've found: 1- The govt insists the payments be done on their national backbone, which works on 0 markup, so companies have to find different avenues for revenue 2- The device is essentially a mobile phone with no display(newest version has a small pocket-calculator sized lcd, but most do not) and just four buttons: power, volume up, volume down, and repeat last message. It takes a SIM…
> it would never work Ask Thailand and their QR-code based payments, TrueMoney and "Thai QR", because that's exactly how they work. Maybe scammers are less prevalent in Thailand than in India so they go by trust, even in 7-Elevens.
For most QR payment systems, the flow for smaller merchants is customers scanning a printed QR code (optionally with common amounts pre-populated) and the merchant receiving a notification (so no need to actually open any app to confirm payments, and the merchant app could easily assign different ringtones to different payment amounts). This is the use case in which these speakers make a lot of sense.
But for larger merchants with a POS, the clerk usually scans the customer's (dynamic) QR code and initiates the payment that way. Alternatively, an existing POS payments terminal can display a one-time and transaction-linked code that the customer scans.
For tax and reporting reasons alone, payments practically need to be bound to a given transaction/receipt number.
Earlier quoted context omitted.
from my research, here is what I've found: 1- The govt insists the payments be done on their national backbone, which works on 0 markup, so companies have to find different avenues for revenue 2- The device is essentially a mobile phone with no display(newest version has a small pocket-calculator sized lcd, but most do not) and just four buttons: power, volume up, volume down, and repeat last message. It takes a SIM…
> it would never work Ask Thailand and their QR-code based payments, TrueMoney and "Thai QR", because that's exactly how they work. Maybe scammers are less prevalent in Thailand than in India so they go by trust, even in 7-Elevens.
They do charge a subscription fee for it, but sadly enough this could have been done with any speaker they had & using the official app as well
Earlier quoted context omitted.
from my research, here is what I've found: 1- The govt insists the payments be done on their national backbone, which works on 0 markup, so companies have to find different avenues for revenue 2- The device is essentially a mobile phone with no display(newest version has a small pocket-calculator sized lcd, but most do not) and just four buttons: power, volume up, volume down, and repeat last message. It takes a SIM…
do you think such payment flow would work in the US / in the EU as well? I know that for example in Sweden Swish is super popular and you can pay with it in stores by scanning QR code (and then showing your phone to the merchant) - seems like such device could fit there perfectly.
I visited India a few times in the last 9 months after digital payments had taken off due to COVID and can attest that these have been game changers that have led shopkeeps to accept e-payments. More than anything to do with literacy, this basically allows Shopkeeper to keep doing what they are doing without fiddling with their phones etc to confirm they received money. The device just says the amount received out lo…
I visited India a few times in the last 9 months after digital payments had taken off due to COVID and can attest that these have been game changers that have led shopkeeps to accept e-payments. More than anything to do with literacy, this basically allows Shopkeeper to keep doing what they are doing without fiddling with their phones etc to confirm they received money. The device just says the amount received out lo…
Is it possible to use UPI as a visitor, or is an Indian bank account required?
I visited India a few times in the last 9 months after digital payments had taken off due to COVID and can attest that these have been game changers that have led shopkeeps to accept e-payments. More than anything to do with literacy, this basically allows Shopkeeper to keep doing what they are doing without fiddling with their phones etc to confirm they received money. The device just says the amount received out lo…
I sometimes go weeks without realizing that I have literally zero cash in my wallet. I was using UPI so much that my credit card usage had dropped to almost nothing. Literally had to force myself to use the credit card more to accumulate some rewards.
Moreover, within a year or so, UPI will start accepting Credit card linking as well. Things are really moving FAST here.
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How exactly does the experience work? e.g: - How does the customer know how much to send and where? - How quickly does the confirmation come through? Does it say who the money is from? - What happens if the vendor is distracted and misses the confirmation for a particular order?
1. The merchant tells them the amount and there's a QR code on the box to scan. 2. Within seconds. When I paid while over there it was 2 - 5 seconds. It doesn't say who the money is from though. 3. The merchant has to check their phone or trust the screen on the customers phone. It works surprisingly well for 95% of use cases. Usually more than one person isn't checking out in parallel. It lets the merchant continue…