UPI Payments: 10B transactions a month done, next stop 100B
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Re: UPI Payments: 10B transactions a month done, next stop 100B
#2The scale of UPI payments is unprecedented. Perhaps the best payment system in the world by far. My friends who come from US are always awe struck by the pervasiveness and easy of use of UPI payments. They want it so bad in the West!
Re: UPI Payments: 10B transactions a month done, next stop 100B
#3The scale of UPI payments is unprecedented. Perhaps the best payment system in the world by far. My friends who come from US are always awe struck by the pervasiveness and easy of use of UPI payments. They want it so bad in the West!
Probably not everyone, I hate QR coded based payment systems but prefer Apple Pay, so the apps won’t have my camera access. Same applies when folks from China claiming Alipay or WeChat is the best payment system.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#4The scale of UPI payments is unprecedented. Perhaps the best payment system in the world by far. My friends who come from US are always awe struck by the pervasiveness and easy of use of UPI payments. They want it so bad in the West!
US FedNow instant payments are live, just going to take some time to ramp volume.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#5The most incredible thing about UPI is how it was embraced by even the poorest in the remote corners of India. One of the former finance ministers of India talked in a dismissive tone in the parliament about rural India adopting digital payments when the current government announced "Digital India" plan. Some one made a meme video out of it mocking him.
https://www.youtube.com/watch?v=aCnv8gwN0ug
Another video showing the ingenuity of a road side vendor https://www.youtube.com/watch?v=uY2156ecRDQ
Re: UPI Payments: 10B transactions a month done, next stop 100B
#6[deleted]
Re: UPI Payments: 10B transactions a month done, next stop 100B
#7The scale of UPI payments is unprecedented. Perhaps the best payment system in the world by far. My friends who come from US are always awe struck by the pervasiveness and easy of use of UPI payments. They want it so bad in the West!
Probably not everyone, I hate QR coded based payment systems but prefer Apple Pay, so the apps won’t have my camera access. Same applies when folks from China claiming Alipay or WeChat is the best payment system.
usually people initiate transfer using 10 digit phone number.
i really dont like QR codes too because most of the time either the QR code is not oriented for easy scanning or worn out and no longer scannable.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#8Thailand has a similar system - you use your banking app to scan a QR code, either the code is generated and has the amount included or it's printed static paper and you write the amount yourself, then show the receipt to the merchant or they check the notification in their phone. Started in 2017, nowadays it's everywhere, I can go to local market and pay $0.5 products with it. My 12 year old daughter opened her own account as well and didn't need my help, only installed an app and went to ATM that has a special slot for ID card to verify identity. Quite convenient as no need to carry cash anymore.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#9The most incredible thing about UPI is how it was embraced by even the poorest in the remote corners of India. One of the former finance ministers of India talked in a dismissive tone in the parliament about rural India adopting digital payments when the current government announced "Digital India" plan. Some one made a meme video out of it mocking him. https://www.youtube.com/watch?v=aCnv8gwN0ug Another video showin…
Jiophone helped a lot
Re: UPI Payments: 10B transactions a month done, next stop 100B
#10The scale of UPI payments is unprecedented. Perhaps the best payment system in the world by far. My friends who come from US are always awe struck by the pervasiveness and easy of use of UPI payments. They want it so bad in the West!
Probably not everyone, I hate QR coded based payment systems but prefer Apple Pay, so the apps won’t have my camera access. Same applies when folks from China claiming Alipay or WeChat is the best payment system.
It’s not just QR. Plenty of other modes of payment supported including Whatsapp and Google.
The government aggressively manages the system to prevent any single company from getting too much weight and forces them to address scams or other system occurs in almost real time by the threat of being thrown off the rails.