The day after demonetisation was announced every news paper in India carried a front page ad with the PM batting for Chinese backed PayTM.
The UPI revolution happened despite Modi, not because of him in the slightest.
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
#12Thailand 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…
Quite convenient for tracking people's consumption choices and discriminating based on them.
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#13The 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
Pulling currency from circulation overnight also did.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#14The day after demonetisation was announced every news paper in India carried a front page ad with the PM batting for Chinese backed PayTM. The UPI revolution happened despite Modi, not because of him in the slightest.
That’s … not correct. Modi’s demonetization was a huge forced driver of digital payment adoption. It’s what spurred most companies into kicking off their UPI efforts
Re: UPI Payments: 10B transactions a month done, next stop 100B
#15Thailand 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…
All countries of SEA have similar systems (even Laos and Cambodia). The one managed by Malaysia now can work in Thailand, Singapore and Indonesia too. I think in the next 3-4 years, these wallets will support inter-change across all ASEAN.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#16Thailand 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…
It’s frustrating though since most foreigners can’t use the QR payment system and most places don’t take card. Thailand is the only place I need to carry cash.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#17The day after demonetisation was announced every news paper in India carried a front page ad with the PM batting for Chinese backed PayTM. The UPI revolution happened despite Modi, not because of him in the slightest.
That’s … not correct. Modi’s demonetization was a huge forced driver of digital payment adoption. It’s what spurred most companies into kicking off their UPI efforts
Why was the PM advertising for a 3rd party wallet?
The goal of demonetisation has never been clear. It was a thuglaq move and Indian right wing has retro fitted motivations to it.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#18Many countries have a single dominant privately owned e-cash system. The only alternative to a future with centralized financial systems, where the individual's right to transact won't be at the total mercy of the whims of forces they don't control (e.g. a corporation which deems their credit risk as unacceptably high, a political zeitgeist that deems their unwillingness to get vaccinated as making them deserving financial isolation, an authoritarian regime deeming their political outspokenness as too great a threat to their power, etc) is the ascendance of a permissionless decentralized financial system using a ledger with distributed consensus, like the public blockchain.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#19Re: UPI Payments: 10B transactions a month done, next stop 100B
#20Earlier quoted context omitted.
Pulling currency from circulation overnight also did.
Not so much, actually. What really led to the rapid uptake of UPI was Covid and people's reluctance to handle cash as a result of it.
> What really led to the rapid uptake of UPI was Covid and people's reluctance to handle cash as a result of it.
That timeline doesn't make sense. UPI was already a spectacular success by 2019.