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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

#171

Post by berkes »

kmlx wrote: post #159
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…

> 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. never been to India. do they not support credit cards like the rest of the planet? visa/mastercard/amex? only UPI?

"the rest of the planet" doesnt accept visa/Mastercard just anywhere and certainly not amex. In e.g. The Netherlands, mostly cashless society now, creditcards are hardly ever used by locals and so many POS won't have the infra to accept CC payments.

The world is not the US and the US isn't the world.

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

#172

Post by nopinsight »

bheadmaster wrote: post #69
nopinsight wrote: post #55

Earlier quoted context omitted.

I agree than tracking detailed purchase data can lead to serious discrimination and inequity especially in a dictatorship. The use case in your example, however, seems fair: * The person has a choice whether to consume fast food regularly. It’s their freedom, yes, but they should also accept the costs that come with their lifestyle choices. Similarly, if someone chooses to regularly drive at a daredevil speed, they s…

The whole point of health insurance is to ammortize the unpredictable costs of healthcare amongst a large number of people. If health insurance companies start discriminating ahead of time based on "predictions of disease" then the whole point of insurance falls apart. Might as well abolish it and let everyone pay for their medical bills on their own. Which would be actually more fair than paying a "unhealthy food pr…

Accidents and health problems are not completely predictable for an individual, but the rates are for different groups of people. As long as it’s within their power to choose, they should accept the consequences that come with their choices.

If all your neighbors play extreme sports or drive drunk all the time, would you like to pay the same premium as they do in the same insurance pool?

It’s an established practice for insurance companies to use statistics to charge a higher premium for some groups, eg young male drivers, even if many in such a group have a safe lifestyle. If they use a finer grained model, then it’s more fair to people who make a safer life choice.

The profits are largely orthogonal to whether they use a coarse or fine grained statistical model, but more about the level of competition in a given market. Over time, companies using a fairer model might win over the competition, all else being equal.

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

#173

Post by daniel-cussen »

devoutsalsa wrote: post #156
perfopt wrote: post #148

Earlier quoted context omitted.

I have not seen a single eatery that does not accept cash. Booking bus tickets - RedBus and other portals accept credit cards. To use cash one must book at the terminal.

I couldn't pay for lunch at my friend's office. They only accepted UPI as payment. It would have been nice to be able to pay for tuk-tuks and car taxis without using cash, too. If you only have "large" bills, the drivers never seem to have enough change.

[dead]

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

#174

Post by master-lincoln »

Mandatum wrote: post #164
sofixa wrote: post #163

Earlier quoted context omitted.

It's the same as the kiosks to get a local SIM card which also often require ID. Also optional. > drivers license A driver's license is rarely accepted as a valid ID document outside of the US which rarely has anything better.

https://internationaldrivingpermit.org/how-to-apply/

An international driver license is not an id. It can be used to show to local law enforcement what vehicles you are allowed to drive. To use it you must have the original driver license with you too

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

#175

Post by Sai_ »

sateesh wrote: post #34
DaiPlusPlus wrote: post #30

Earlier quoted context omitted.

> Traceability of all petty transactions -- enabling building of super rich profile of individuals / orgs -- ripe with potential for misuse. How is that any different to what Visa and Mastercard can do? Speaking for myself, *every* purchase I make now, no matter how petty, is made with credit or debit-cards which go through their payment networks. The only exceptions are my house' landscaping (still uses paper cheque…

Not op, prior to UPI all these transactions were done using cash, credit card penentration in India was quite low.

Minor correction - prior to UPI, transaction either happened via cash OR didn’t happen at all.

I think the hidden value of UPI is that it makes doing business easier which is of huge value. People sitting on money has never helped any economy…especially at the level that UPI operates - ie enabling petty spending greases the wheels of the economy and lifts people out of poverty.

For example, say I want to buy coconut water on a hot day. Earlier, I’d go without if I didn’t have change. Now I use UPI. I benefit from fresh coconut water. The seller benefits from my money going to his bank account.

Even GWB told people to go shopping after 9/11 so that the wheels of the economy would keep churning.

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

#176

Post by eddtests »

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…

When I moved to Sweden I had the same issues because of a dependency on Swish and BankID (and personal ID numbers). It can be a real pain for things when you’re staying a little longer than a weekend and want to go to a gym for example. I went to one cafe where I literally had no way to pay as a foreigner

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

#177

Post by kmlx »

berkes wrote: post #171
kmlx wrote: post #159

Earlier quoted context omitted.

> 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. never been to India. do they not support credit cards like the rest of the planet? visa/mastercard/amex? only UPI?

"the rest of the planet" doesnt accept visa/Mastercard just anywhere and certainly not amex. In e.g. The Netherlands, mostly cashless society now, creditcards are hardly ever used by locals and so many POS won't have the infra to accept CC payments. The world is not the US and the US isn't the world.

> the rest of the planet" doesnt accept visa/Mastercard just anywhere

most of the developed world does. even Eastern Europe have transformed themselves into a NFC bonanza.

> The Netherlands

the netherlands is the wrong example. it has always been an outlier when it comes to card payments. case in point: you can't even make a Visa/Mastercard payment in an AH supermarket, you need a Maestro card.

> The world is not the US and the US isn't the world.

i have travelled quite a bit. most the of the developed world (except for the Netherlands of course) has full support for Visa/Mastercard NFC. and Amex support is more and more spread (e.g. i have seen more and more Stripe in Greece lately). the world is moving on from the idea you have of it.

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

#178

Post by eddtests »

Mandatum wrote: post #164
sofixa wrote: post #163

Earlier quoted context omitted.

It's the same as the kiosks to get a local SIM card which also often require ID. Also optional. > drivers license A driver's license is rarely accepted as a valid ID document outside of the US which rarely has anything better.

https://internationaldrivingpermit.org/how-to-apply/

This is not as useful as you’d assume, some places just don’t acknowledge non-State ID’s regardless of what they try to sell you

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

#180

Post by colesantiago »

JyB wrote: post #118
colesantiago wrote: post #61

UPI 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.

So explain how?
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