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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

#101

Post by skrebbel »

user_7832 wrote: post #72
n_ary wrote: post #49

Earlier quoted context omitted.

Not sure about US, here in Germany, I really love the tap-pay(NFC based) usually everywhere(except some random kebab shops). It simply works regardless of me having an Android/iPhone or simply just a the nfc enabled card. I don’t need to open another account, fumble with one-more-app or anything. Also apple-pay appears to mask my CC/DC number as well, so better safety. I want it everywhere badly in west as well as ea…

I’m sure your nfc card/phone works great in Germany but it’s worth noting that part of the reason is that your card is likely Mastercard/visa. Here in the Netherlands tap and pay is also seamless with maestro cards… but the moment you try to use it internationally, POS machines reject it (“out of network” or something). If you have a diner’s card or an American Express card you might notice how many terminals/pos’es…

I think this only holds if you definition of “internationally” resembles “outside the EU”.

Re: UPI Payments: 10B transactions a month done, next stop 100B

#102

Post by user_7832 »

kmlx wrote: post #98
user_7832 wrote: post #92

Earlier quoted context omitted.

With regards to maestro, yes sure, but I think diner’s etc (aka anything non visa/Mastercard) have issues internationally.

diner’s maybe. but i never had a problem with my mastercard or visa. even my amex is widely supported.

That is interesting, I haven’t had the same experience with Amex. Possibly Germany supports it better on average.

Re: UPI Payments: 10B transactions a month done, next stop 100B

#103

Post by oblio »

ETH_start wrote: post #91
chx wrote: post #75

Earlier quoted context omitted.

> scalability has been the critical handicap of public blockchains to date. Also, the blatant scam nature of them is a bit of a problem. While there's a lot of hype, the Washington Post already printed the truth in 2015 https://www.washingtonpost.com/news/wonk/wp/2015/06/08/bitco... which an economy professor have nicely expanded on in two blog posts https://ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin-pon... htt…

The only fundamental difference inherent to the respective designs of blockchains and traditional banking, is censorship resistance through genuine self-custody. The former is designed to provide this quality, and the latter is not. Put another way, there is nothing inherently scammy in using a distributed blockchain to record balances, and cryptography to authenticate updates to the balances. While opening the door…

Most of what you wrote presumes anonymity.

In long lived immutable digital systems, guess what, that doesn't exist.

Talk to your actual scientist cousins, crypto-graphers.

If we're at the "totalitarian government" stage, "easily readable immutable data source" is EXACTLY what they'd dream of.

Re: UPI Payments: 10B transactions a month done, next stop 100B

#104

Post by vijaybritto »

hiyer wrote: post #19
mavelikara wrote: post #13

Earlier 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.

This is inaccurate. COVID solidified what was already growing in usage. The really stupid demonetisation exercise was the main factor

Re: UPI Payments: 10B transactions a month done, next stop 100B

#105

Post by Traubenfuchs »

Ylpertnodi wrote: post #77
ryanjshaw wrote: post #57

Earlier quoted context omitted.

This is already a thing, but it works the other way around. Here in South Africa, the largest private short-term health insurer gives you up to 75% cash back for 'healthy food choices' [1] i.e. they effectively reduce your premiums if you signal that you make healthier choices than other people in the fund. The law in South Africa says that short-term health insurers can't charge different people different premiums,…

Buy healthy with card. Fags, booze and McD's in cash. Or, a different card.

The point is that many countries and systems across the world are softly moving away from cash or pushing against it. A possible next step is requiring digital payment for "sinful" products like cigarettes and alcohol.

Re: UPI Payments: 10B transactions a month done, next stop 100B

#106

Post by Traubenfuchs »

skrebbel wrote: post #85
bheadmaster wrote: post #12

Earlier quoted context omitted.

Quite convenient for tracking people's consumption choices and discriminating based on them. Hi there! We've noticed an increase of fast food purchases in the log of your account. Therefore your medical insurance premiums have risen by 200% to accomodate the change. For lessened prices, you might want to start consuming our Healthy Food(TM) lunch packs by EvilCorp, made out of bugs for the good of the environment :)

How would my insurer get access to my payment history?

You will give it to them voluntarily for a massive discount. (-:

Re: UPI Payments: 10B transactions a month done, next stop 100B

#108

Post by maven29 »

kmlx wrote: post #90
Grimburger wrote: post #26

Earlier quoted context omitted.

The interop with banking across SEA is pretty cool now, most countries have cross border payments with nothing more than a QR code. And this is down to the hawker stall level. It's advancing a lot quicker than you'd expect given that many of the countries aren't really that good at coordinating with each other.

why didn’t these countries go the NFC route instead of QR codes?

QR code still works when either end is low-tech (paper/wearable/sticker), by using out-of-band means (SMS/soundbox) to confirm the transaction.

Further, NFC is usually the first to be left out when manufacturers cut costs to hit lucrative price points.

Apple never implemented host card emulation (HCE) as an API, but that doesn't matter as these payment systems usually aren't backed by a payment card network, thus they'd have to build needlessly complex reconcilliation systems when transactions already debit directly from accounts, and offline usage isn't considered a major use-case.

Re: UPI Payments: 10B transactions a month done, next stop 100B

#109

Post by programmer_dude »

kmlx wrote: post #96
ramraj07 wrote: post #44

Earlier quoted context omitted.

Others have the system but is it as good and seamless as the Indian one?

a lot more seamless. you just tap your credit card and that’s it.

This exists in India too. But people don't use it. Why take on debt if you don't need to?

UPI is directly connected to your bank account. It does not go through VISA, Mastercard or whatever.

Re: UPI Payments: 10B transactions a month done, next stop 100B

#110

Post by xbmcuser »

kmlx wrote: post #90
Grimburger wrote: post #26

Earlier quoted context omitted.

The interop with banking across SEA is pretty cool now, most countries have cross border payments with nothing more than a QR code. And this is down to the hawker stall level. It's advancing a lot quicker than you'd expect given that many of the countries aren't really that good at coordinating with each other.

why didn’t these countries go the NFC route instead of QR codes?

Nfc needs a special chip qr code needs just a picture and camera. Makes a huge difference in infrastructure cost. Getting millions of shops to put in nfc terminals compared to get them to print qr codes makes adoption a lot faster
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