111–120 of 137 posts
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.
I think it was the same with PIX in Brazil, and Swish in Sweden, and probably many more precedents.
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This is implied in an authoritarian country like India. However, the Government is in a fix. Almost the complete stack is subsidized by the Government. This led to an explosive adoption growth for merchants as there is no MDR and payers for ease of transaction as they don't need to carry hard currency anymore. This has enabled the Government gaining complete insights into spending and earning patterns. Withdrawing th…
India is not an authoritarian country ffs
Earlier quoted context omitted.
This is implied in an authoritarian country like India. However, the Government is in a fix. Almost the complete stack is subsidized by the Government. This led to an explosive adoption growth for merchants as there is no MDR and payers for ease of transaction as they don't need to carry hard currency anymore. This has enabled the Government gaining complete insights into spending and earning patterns. Withdrawing th…
India is not an authoritarian country ffs
But it is a country with extremely illiberal capital controls and a history of questionable enforcement due to perceived corruption.
It’s such a good payment system it’s overcome these concerns in large part, but they are reasonable concerns to have.
For those outside India and/or non-active users of UPI - it drives so many transactions that even for an engineer, I forget how often I use it: - Payments between family members - Payments for every tiny/small item - a bag a chips or a cup of tea for example - Payments for car mechanic, plumber, or other services - Payments for online shopping or services - yes web apps show the UPI QR code and I can pay from my phon…
Do you have plans for when the government interprets your small payments as terrorism and seizes your bank account? I think every country goes through this and then goes back to cash, but at different rates.
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it worked because india never had credit card payments( at scale ) . they went straight from cash to digital payments.
What does this have to do with credit cards? India always had credit cards at a scale comparable to most countries, and they always were a regularly-used of payment for medium-sized "white" transactions; they just weren't that useful for day-to-day transactions in terms of most locals' ways of working where the actual India-level scale is, and not the primary way of transacting as in the US. And looking at how Visa a…
Are there any reason why we can't have a global UPI system? Open Source with each Government running their own instances.
PIX from Brazil which is extremely similar to UPI. Are there any reason why we can't have a global UPI system? Open Source with each Government running their own instances.
[1] https://www.pib.gov.in/PressReleasePage.aspx?PRID=2224505&re... [2] https://www.nipl.com/how-it-works/frequently-asked-questions...
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All payment rails in India are RBI regulated directly or indirectly. NPCI is a non-profit section 8 company which is basically owned by the major PSU and private banks of India. And NPCI operates not just UPI, it also operates NEFT, IMPS, AEPS (aadhaar based payments), NETC (fastag), NFS (ATM network), Rupay debit/credit card network and BBPS (billpay). Only RTGS is operated by RBI directly. Money serves its purpose…
Thanks for the additional info. But I want to clarify one thing - I didn’t say anything about cash being a better choice. Both the comments to my response are making it out to be a cash vs digital thing. I am not sure why. Next, NPCI is a PSU. So what? They are taking govt money to function aren’t they? The costs are borne by the banks which get allocations every budget to keep the system running. So whatever “profit…
I find it acceptable to allocate tax money for a system that we as a country can use as an alternative to the Visa and MasterCard duopoly. With UPI as it is today, there are no margins added and passed to the customer, no transactions that are denied, no commissions cut. Payment is very fast, transactions can be proven. We are not at the mercy of any economic attack that the US would subject us to. Many are able to bank, are able to receive payments.
I find it not necessary that the UPI must show a profit. The direct and indirect benefits to the nation are far more important.
Also, "whataboutism" does not help. The suitcases and paintings and other such corruption examples that you cite require a separate investigation and redressal. One must not stop UPI or start charging the everyday person because some of the rich are corrupt. They will continue to exchange suitcases of cash for favours regardless of whether the UPI is chargable or if it even exists.