For the uninformed, is this like the Interac system in Canada?
UPI Payments: 10B transactions a month done, next stop 100B
31–40 of 399 posts
Re: UPI Payments: 10B transactions a month done, next stop 100B
#32Many 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 fin…
Why wouldn’t this hypothetical authoritarian government also just ban the use of crypto currency? If they then ban you from transacting while in their jurisdiction, and you don’t become homeless, starve to death, and so on, why would they not arrest you for clearly violating their unjust laws when you pay for those things in crypto?
Re: UPI Payments: 10B transactions a month done, next stop 100B
#33The 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.
The problem with apple pay is that it is inaccessible to 80% of the population.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#34All positives are accepted. Concerns -- - Cronies of government have captured the technology stack making themselves key players that can control and monetize this space. - Traceability of all petty transactions -- enabling building of super rich profile of individuals / orgs -- ripe with potential for misuse. - Leaving a trail of your PII like name / UPI ID (which in some cases is your mobilenumber@upiprovider) / la…
> Traceability of all petty transactions -- enabling building of super rich profile of individuals / orgs -- ripe with potential for misuse. How is that any different to what Visa and Mastercard can do? Speaking for myself, *every* purchase I make now, no matter how petty, is made with credit or debit-cards which go through their payment networks. The only exceptions are my house' landscaping (still uses paper cheque…
Not op, prior to UPI all these transactions were done using cash, credit card penentration in India was quite low.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#35For the uninformed, is this like the Interac system in Canada?
Nah, For a system similar to Interac they have NEFT, RTGS and IMPS which are bank acc to bank acc transfer. UPI requires bank account but you need UPI id to transfer the fund.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#36Many 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 fin…
Why wouldn’t this hypothetical authoritarian government also just ban the use of crypto currency? If they then ban you from transacting while in their jurisdiction, and you don’t become homeless, starve to death, and so on, why would they not arrest you for clearly violating their unjust laws when you pay for those things in crypto?
An institution like physical cash can be powerful/deeply-embedded enough to survive authoritarian governments, and I presume the same would would apply to a widely adopted electronic cash. The political cost to do away with an institution grows in proportion to how pervasive it is.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#37Re: UPI Payments: 10B transactions a month done, next stop 100B
#38For the uninformed, is this like the Interac system in Canada?
Interac is not real time. UPI is completely real time and money gets debited from your account and deposited to the merchants account instantly.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#39The 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.
Just curious, why you hate QR code system ?
Re: UPI Payments: 10B transactions a month done, next stop 100B
#40The 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!
UPI is an impressive system, I use it often and it is quite empowering for billions of Indians.
But calling it the "best payment system in the world"! And west wants it so bad sounds like blind exaggerations.
United States is not the only western country. Scandinavian countries has Swish (2012), Vipps (2013), and Mobile pay (2015), Canada has Interac.