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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

#131

Post by Mandatum »

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

Can’t wait to hand over my passport and drivers license to some random person after security wearing a uniform and holding an iPad after I get off an 8 hour red-eye.

Surely nothing can go wrong.

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

#133

Post by [deleted] »

Mandatum wrote: post #131
itsbits wrote: post #128

Earlier quoted context omitted.

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

Can’t wait to hand over my passport and drivers license to some random person after security wearing a uniform and holding an iPad after I get off an 8 hour red-eye. Surely nothing can go wrong.

[deleted]

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

#134

Post by smfugit »

db1234 wrote: post #5

The most incredible thing about UPI is how it was embraced by even the poorest in the remote corners of India. One of the former finance ministers of India talked in a dismissive tone in the parliament about rural India adopting digital payments when the current government announced "Digital India" plan. Some one made a meme video out of it mocking him. https://www.youtube.com/watch?v=aCnv8gwN0ug Another video showin…

Dont get carried away by tech thats offered for "free".

Even if you subtract all the margins corporations (visa/mastercard etc) extract there is a gigantic bill when you make services free for everyone.

Everything is beautiful when google, youtube, fb, twitter offered their stuff for free. But we know the true cost 20 years later.

Sooner or later some one has to foot the bill. In this case a very small pool of indian tax payers.

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

#135

Post by hestefisk »

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.

Already does between Singapore, Malaysia and Thailand with ISO 20022 compliant cross border fast payments.

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

#136

Post by wtmt »

me551ah wrote: post #111

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.

This is why banks have never been happy with UPI because their costs to support aren’t fully recovered and it’s a drain. They’ve supported it mainly because of the government pushing them to. MDR (the charges the merchants pay) started coming to UPI too, a few months ago. The “free” party won’t last a lot longer.

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

#137

Post by illegalmemory »

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…

You can soon do UPI even if you don't have Indian bank account, you can just download an app and connect any payment source to your UPI ID.

https://inc42.com/buzz/japan-may-join-the-growing-list-of-co...

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

#138

Post by wtmt »

albert_e wrote: post #28

All positives are accepted. Concerns -- - Cronies of government have captured the technology stack making themselves key players that can control and monetize this space. - Traceability of all petty transactions -- enabling building of super rich profile of individuals / orgs -- ripe with potential for misuse. - Leaving a trail of your PII like name / UPI ID (which in some cases is your mobilenumber@upiprovider) / la…

I couldn’t have said this better! Thanks for the detailed comment with drawbacks and criticisms.

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

#139

Post by wtmt »

pyeri wrote: post #41
albert_e wrote: post #28

All positives are accepted. Concerns -- - Cronies of government have captured the technology stack making themselves key players that can control and monetize this space. - Traceability of all petty transactions -- enabling building of super rich profile of individuals / orgs -- ripe with potential for misuse. - Leaving a trail of your PII like name / UPI ID (which in some cases is your mobilenumber@upiprovider) / la…

Almost each and every concern is applicable to VISA/Mastercard system too. UPI is just another alternative who isn't a member of that elite card system club but one who has carved a niche of their own.

> Almost each and every concern is applicable to VISA/Mastercard system too.

Not really, when you make a payment using credit or debit cards, your name doesn’t go to the merchant (and doesn’t have to, since you can enter any name online when entering card details). Your phone number also doesn’t go to the merchant from the card number unless you decide to share it. In the case of UPI, the receiver gets the full name and many a times the phone number of the sender since that’s the most common UPI identifier.

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

#140

Post by wtmt »

yaymanish wrote: post #35
ChrisArchitect wrote: post #31

For the uninformed, is this like the Interac system in Canada?

Nah, For a system similar to Interac they have NEFT, RTGS and IMPS which are bank acc to bank acc transfer. UPI requires bank account but you need UPI id to transfer the fund.

> UPI requires bank account but you need UPI id to transfer the fund.

UPI requires a bank account, a mobile phone number linked to the bank account and a smartphone to transfer funds for anything other than a trivially small payment (tiny payments are now supported on feature phones).

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