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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

#121

Post by hlammers »

csomar wrote: post #15
bayesianbot wrote: post #8

Thailand 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…

All countries of SEA have similar systems (even Laos and Cambodia). The one managed by Malaysia now can work in Thailand, Singapore and Indonesia too. I think in the next 3-4 years, these wallets will support inter-change across all ASEAN.

Spending quite some time in both Malaysia and Thailand I can say that the support for cross country payments is still not great. I’m rarely able to use my Malaysian banking app (Maybank) to pay in Thailand. Most of the times when I tried the QR code is not recognized. Which means I still need to carry cash with me all the time.

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

#122

Post by petesergeant »

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?

To build on the other comments, because anyone can just print up their QR code. Somchai the Tuk-Tuk driver can simply print the QR code for his personal bank account and glue it to the roof of his Tuk-Tuk and now he accepts electronic payments.

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

#123

Post by [deleted] »

apienx wrote: post #93
bheadmaster wrote: post #64

Earlier quoted context omitted.

It could, if you're paying everything with the card. But you always have an option to go to an ATM and pick up some untracable cash. I assume these apps don't provide such an option.

It’s an option…for now. In 2016, India demonetized bills as low as 500 Rupees (the equivalent of $6). People died in the ensuing chaos, and the Supreme Court just that ruled in favor of the demonetisation.

[deleted]

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

#124

Post by bheadmaster »

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?

As long as the information exists somewhere on a server, getting access to it is just a matter of politics.

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

#125

Post by davelondon »

I was in India earlier this year, and found there was no way (and I spent hours trying) for a foreigner to get access to the UPI system. This meant:

1) There were some cashless fast food outlets that I couldn't eat at

2) There was no way for me to book an intercity bus ticket

I eventually managed to get a bus ticket by sweet-talking someone in a shop to use their personal UPI account in exchange for cash.

I fear there's going to be more problems like this for travellers as communities go cashless around the world.

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

#126

Post by cornholio »

csomar wrote: post #15
bayesianbot wrote: post #8

Thailand 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…

All countries of SEA have similar systems (even Laos and Cambodia). The one managed by Malaysia now can work in Thailand, Singapore and Indonesia too. I think in the next 3-4 years, these wallets will support inter-change across all ASEAN.

Seems like it's a good example of developing countries skipping technological nodes and ending up with better solutions. For example, most of eastern Europe was already using fiber/copper Ethernet 15-20 years ago, while most western Europe and US were stuck with crappy DSL lines.

In the payment processing sphere, we are stuck with a duopoly that charges insane fees for something that was very complex and labor intensive 50 years ago. But today - if we could start from scratch - the entire payment volume of EU can be processed on a well provisioned computing rack with a software written in less than a year by a small team. It could be offered by ECB as a free service, with strong privacy guarantees written in EU law.

Entire modes of fraud, such as credit card cloning, would cease to exist. Online payments - seamless, safe, and instantaneous, just scan a QR code.

But we cannot start from scratch because the incumbent is good enough and the rent they extract from each member of society is small enough to not motivate them to initiate a switch, even if the aggregate rent is a staggering amount that would be recouped in days of the new system going online.

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

#127

Post by SpacePortKnight »

laurels-marts wrote: post #107

I this something like iDeal in Netherlands for online payments or Apple Pay for physical payments? How does it compare to both?

It's both. You can transfer/receive money to/from anyone with either a QR code, a UPI address like `batman@upi` or a mobile number.

You can also setup mandates (autopay) for recurring subscriptions like Netfix. Unlike Credit Cards, you can even bypass the merchant and directly cancel an autopay through a UPI payment app.

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

#128

Post by itsbits »

davelondon wrote: post #125

I was in India earlier this year, and found there was no way (and I spent hours trying) for a foreigner to get access to the UPI system. This meant: 1) There were some cashless fast food outlets that I couldn't eat at 2) There was no way for me to book an intercity bus ticket I eventually managed to get a bus ticket by sweet-talking someone in a shop to use their personal UPI account in exchange for cash. I fear ther…

Now Indian airports have outlets to create UPIs for foreigners visiting the country

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

#130

Post by dilliwal »

itsbits wrote: post #128
davelondon wrote: post #125

I was in India earlier this year, and found there was no way (and I spent hours trying) for a foreigner to get access to the UPI system. This meant: 1) There were some cashless fast food outlets that I couldn't eat at 2) There was no way for me to book an intercity bus ticket I eventually managed to get a bus ticket by sweet-talking someone in a shop to use their personal UPI account in exchange for cash. I fear ther…

Now Indian airports have outlets to create UPIs for foreigners visiting the country

any source?
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