The major difference between UPI payments and Credit Cards is that there is no 'surcharge'. This is what makes it very viable for small merchants to accept payments of minimal amounts.
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
#112Thailand 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.
Weird as Thailand being a tourist country attaching your credit card to top up a qr code payment app should be easily available to tourists.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#113Earlier 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…
> is censorship resistance through genuine self-custody.
https://davidgerard.co.uk/blockchain/2018/04/05/debunking-bu...
> Ordinary person: “Your weird Internet money sucks to use. It’s slow and expensive. I lost my coins by mistake and it can’t be fixed. If I get hacked it can’t be fixed either.”
> Bitcoin advocate: “But everyone wants [list of ideological aims held only by weird people]! Everyone I know, anyway.”
But in specifics, censorship resistance? I just read that in an article.
https://www.wired.co.uk/article/sex-workers-crypto-failing-t...
> “You get on an exchange for as long as you can, until they shut your ass down,” says Knox. “You quickly [run out of exchanges], so you sit on a lot of useless money. The whole ‘crypto is permissionless and censorship-resistant’ thing is a bunch of bullshit.”
Re: UPI Payments: 10B transactions a month done, next stop 100B
#114The next leg of growth for UPI is already underway with the inclusion of RuPay credit cards under UPI. Until last year, UPI transactions would directly hit your bank account balance and flood your bank statement with many small purchase entries.
Linking a RuPay [1] credit card to a UPI app provider such as Google Pay in India allows users to pay through their credit card [2].
This will in turn boost transaction volume on India's indigenous RuPay payment network, and it will probably show its impact on Visa and Mastercard.
[1] https://en.wikipedia.org/wiki/RuPay
[2] https://www.livemint.com/news/india/google-pay-brings-rupay-...
Re: UPI Payments: 10B transactions a month done, next stop 100B
#115Earlier 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…
To be frank, only an extreme minority cares about censorship resistance, especially when it comes in a form of inconvenience. In the last 10 years, we’ve seen again and again even within cryptoheads, the choice of storing their money in a centralized place (Binance, Coinbase, FTX) rather than self-custody.
It’s just people have limited amount of time in a day, and caring that government X can trace their transaction is waste of time. Also, in the last 3 years of lawsuits, we’ve kind of seen how crypto payments are traceable as well if someone really wants to find the source.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#116Earlier quoted context omitted.
Depends on what you mean. Instant transfers up to €100k work in Europe's SEPA (and you can indeed use a QR to encode the transfer information with most bank apps, I think). And there is of course the usual contact-less payment stuff at merchants.
That's still not as easy as app payments. There are a number of systems like BLIK in Poland where you have a lower max payment amount, but you just give somebody a temporary 6 digit number and approve the amount they withdraw, that's it. For trusted payment channels you just approve. If you initiate the payment, just give phone number of recipient.
Agreed, but I think for places with a mature payments and debit infrastructure there isn't that much additional business and I suspect most banks' apps will just incorporate that like they do with NFC payments.
Most growth in payments is either new markets or markets that grow a lot, but not completion of rather mature markets (and additional services).
Re: UPI Payments: 10B transactions a month done, next stop 100B
#117Many 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…
It might have been a marginally acceptable argument 5 years back. Not anymore. the Winkelvii have redobuled the image of the charlatans they are, alongside every single person I have ever encountered in my life or in media who promulgated crypto bs. I have long since been successfully using crypto advocacy as a way to avoid people I should just not bother with and have been living a happy life.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#118UPI is one of the best payment systems invented and in under 10 years has more transactions, use cases and ease of use than cryptocurrencies which is clearly terrible for payments. This shows that UPI has the potential to scale beyond India yet crypto cannot scale at all.
They are fundamentally different.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#119Earlier quoted context omitted.
Others have the system but is it as good and seamless as the Indian one?
Tapping my phone on an NFC terminal seems much easier and more straightforward than having to scan a QR or install a third party app and having to figure out how to link it with my bank account. There is just probably not a lot of demand for a system like this in much of the west (in cases where you can’t use a card there is always SEPA instant payments)
The QR code has been a far more robust system for the Indian ecosystem which is predominantly filled with low-cost phones of widely different operating systems. A QR code also behaves as a readily identifiable logo of payment and further works from a distance. If anything I prefer the deliberateness of scanning a QR code, clearly similar to half a billion people at the least.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#120Earlier quoted context omitted.
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.
Not sure it qualifies as debt. It's just an agreement with your bank to give them that money in a few weeks / days. And if you commit to spending some small amount per year with your card (usually something like $1500), the bank will offer you some nice perks on their products that you don't get by using other payment methods. If you use something like UPI and you are making some kind of deal with your bank, you are basically losing money.