41–50 of 137 posts
Excellent engineering.
I only wish more countries would implement something like UPI in other countries and get rid of inferior and broken solutions like crypto.
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It’s extremely good, at least in terms of user experience and how practical it is. Adoption is massive and at small chai shops it makes transactions a breeze, allowing businesses to serve more volume. The downside is making it incredibly frustrating for foreigners to pay using this as it’s tied to your government ID that your bank has authorized.
I mean it's not like foreigners are blocked from using cash at those stores. And if they prefer cards, it's not like the stores that used to accept them stopped accepting them.
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The right comparison for Nasdaq's order processing volume or messaging volume would be India's National Stock Exchange (NSE). It does more executed orders per day than nasdaq. I worked on scaling UPI a few years ago. Real-time Payments is vastly more complex as it is much more distributed - each transaction involves the two banks holding funds, two end-user apps (and their banks), and the network (npci) – for the pay…
None of them are free, most banks now charge nominally (look at NEFT and IMPS charges). UPI itself is paid off by taxpayers. Also RTGS is the only ISO 20022 complaint payment rail (back when it wasn't globally very common) - something that needs to be appreciated more. People need to realise what NPCI offers is vastly different from what RBI offers. In my opinion what NPCI is offering will end up negatively impacting…
I like the article but “ Bricolage Grotesque” and the claude background colour just puts me off.
How is this different from Alipay/WeChat Pay in China? Handling transactions of this volume is an amazing technological feat, kudos to the team! However, I don't think this mobile QR code paying system is anything novel. Alipay rose to popularity much earlier (I can't recall exact when, but it was already super popular in ~2010, and definitely ubiquitous by 2015).
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I mean it's not like foreigners are blocked from using cash at those stores. And if they prefer cards, it's not like the stores that used to accept them stopped accepting them.
Most places will not have change so you need to carry exact cash change all the time. And many are indeed stopping using cards and switching to UPI as the fees are much less, unless they are particularly foreigner friendly, like a hotel in a tier 1 city.
I agree that a lot of businesses now actively don't manage cash as they used to earlier... it's very difficult to get low-value notes as the central bank seems to be slowly reducing the supply by not printing as per demand.
I have the utmost respect to people who makes UPI work. Made even the old people in the nation completely go digital for payments - a feat unparalleled in the world.
it worked because india never had credit card payments( at scale ) . they went straight from cash to digital payments.
As GP says, you could _never_ get the older generation to use a credit card even when they had the means to do so. But they took to UPI just fine, and many now prefer it over cash.
Also, credit card issuance and acceptance in India is growing quite a bit right now, despite (because?) of UPI.
Earlier quoted context omitted.
The right comparison for Nasdaq's order processing volume or messaging volume would be India's National Stock Exchange (NSE). It does more executed orders per day than nasdaq. I worked on scaling UPI a few years ago. Real-time Payments is vastly more complex as it is much more distributed - each transaction involves the two banks holding funds, two end-user apps (and their banks), and the network (npci) – for the pay…
None of them are free, most banks now charge nominally (look at NEFT and IMPS charges). UPI itself is paid off by taxpayers. Also RTGS is the only ISO 20022 complaint payment rail (back when it wasn't globally very common) - something that needs to be appreciated more. People need to realise what NPCI offers is vastly different from what RBI offers. In my opinion what NPCI is offering will end up negatively impacting…
NEFT and RTGS were introduced in the mid-2000s. IMPS in 2010, UPI in 2016. It's been > 10 years since the latest instrument launch. Enough time for "long term" impacts to show up.
If anything, the impact has been overwhelmingly positive.