Earlier quoted context omitted.
How would my insurer get access to my payment history?
You will give it to them voluntarily for a massive discount. (-:
Or phrased differently, you'll have to pay extra to keep it from them.
UPI Payments: 10B transactions a month done, next stop 100B
201–210 of 399 posts
Re: UPI Payments: 10B transactions a month done, next stop 100B
#202Earlier quoted context omitted.
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).
When you compare UPI to western instant payment systems, the most important metrics to look at are consumer choice (banks and experience apps), cost of acceptance, settlement speed and fraud/clawback rates. UPI has broadest interop based consumer choice, free to consumers and lowest cost overall, highest volume of transactions, has fastest settlement and extremely minimal fraud. It is also most inclusive – it works with smartphones, feature phones and soon with only voice calls. It also works offline. And it works for everything from buying a cup of coffee to sending money to your grandma to doing investments in mutual funds and stocks and making large purchases like buying a car.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#203I 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…
There are two ways for a foreigners to use UPI. 1. If you are from one of G20 countries (for now, will expand to other countries), you can get a prepaid UPI digital wallet at the airport where you land. Just go to the money exchange counters and enquire about this. Airport information desk should help you as well. You don't need an India phone number or India bank account. You can load money into this prepaid wallet…
1) is somewhat impractical, because it’s easy to miss the airport desk which does this, and if you miss the opportunity it’s not easy to go back there (Indian airports don’t really allow you back in if you’ve exited)
2) opening an account isn’t practical for tourists, but of course if you’re living in India for even a short while, it’s worth it.
3) Allegedly UPI will work for NRIs / OCIs with foreign phone numbers. In reality most banks haven’t implemented it yet.
tl;dr - “onboarding” onto UPI for short-term visitors is mired in burdensome bureaucracy, and this isn’t a technical issue with UPI, it’s a result of conscious choices by Indian regulators.
The real win would be if you could load up a UPI wallet like you’d do with PayPal. Perhaps initially restricted to people with a valid visa. But regulators haven’t figured that out yet.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#204Earlier quoted context omitted.
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.
> Why take on debt if you don't need to? what debt? > UPI is directly connected to your bank account. oh, then it's a hard pass from me. i do not connect anything to my bank account and keep cards in separate banks for security.
That's because you are used to and expect card frauds. In UPI, the only way money leaves your bank is if you enter your PIN. Even standing instructions (called payment mandates) are required to notify you before they execute and you can stop/cancel it at anytime. (like Apple App Store subscriptions, but for everything!).
Re: UPI Payments: 10B transactions a month done, next stop 100B
#205I 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…
Hey @davelondon,
Sudhanshu here, from Cheq UPI.
We're a part of YC S23 and our team launched the Cheq UPI payments app specifically to help international citizens and NRIs avail UPI.
Some testimonials from our early customers: https://www.youtube.com/watch?v=4Ct5WY9vOz4
We launched officially in August, and are growing fast. Next time you travel to india, do give us a try :)
PS: We don't need an Indian bank account to help you make payments.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#206The 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 exactly why banks are unhappy - they have to bear the infra cost. This is also the reason the government is trying to push UPI wallet. I suspect at some future point UPI (non-wallet) transactions will be charged a small fee and wallet transactions will not.
Banks are in general happy as any cost is offset by reduction in cash handling cot. ATMs installation and maintenance are costly, branches even more so, you can reduce that. Also, for the merchants, cash handling cost is greater than 0.
> I suspect at some future point UPI (non-wallet) transactions will be charged a small fee and wallet transactions will not.
Right now, it is other way round. Wallet transactions above ₹2000 attract some fees for merchants.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#207Earlier quoted context omitted.
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.
> Why take on debt if you don't need to? what debt? > UPI is directly connected to your bank account. oh, then it's a hard pass from me. i do not connect anything to my bank account and keep cards in separate banks for security.
Withdrawing money from a credit card is taking on debt. Credit and debt are related concepts. Ask yourself this will you have to eventually pay interest on the borrowed money or not?
You can have other (non credit, say savings) bank accounts for security too. It's just as easy (or easier) as getting a credit card here (in India).
Re: UPI Payments: 10B transactions a month done, next stop 100B
#208Earlier quoted context omitted.
There are two ways for a foreigners to use UPI. 1. If you are from one of G20 countries (for now, will expand to other countries), you can get a prepaid UPI digital wallet at the airport where you land. Just go to the money exchange counters and enquire about this. Airport information desk should help you as well. You don't need an India phone number or India bank account. You can load money into this prepaid wallet…
1) is somewhat impractical, because it’s easy to miss the airport desk which does this, and if you miss the opportunity it’s not easy to go back there (Indian airports don’t really allow you back in if you’ve exited) 2) opening an account isn’t practical for tourists, but of course if you’re living in India for even a short while, it’s worth it. 3) Allegedly UPI will work for NRIs / OCIs with foreign phone numbers. I…
Mentioned this on the parent thread, but there are new UPI apps coming out in the market which don't need a bank account.
For example
Re: UPI Payments: 10B transactions a month done, next stop 100B
#209I’ve been using UPI since its very early days when it used to fail quite often. UPI is still one of the best things to happen in the financial scene in India. However, these days, personally, I’m trying to reduce it to either known people, or established institutions. I wish there is another layer of tokenization when one pays via UPI, like how Apple Pay does. I wish that the transaction is obfuscated and the phone n…
Using ICICI bank iMobile you can create a random UPI id totally unrelated to your phone number I agree with the problems you mention, and in general there is an increasing trend of taking phone numbers of customers in India, e.g. once at a Nike store, I was told the purchase couldn't be complete without the phone number.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#210I’ve been using UPI since its very early days when it used to fail quite often. UPI is still one of the best things to happen in the financial scene in India. However, these days, personally, I’m trying to reduce it to either known people, or established institutions. I wish there is another layer of tokenization when one pays via UPI, like how Apple Pay does. I wish that the transaction is obfuscated and the phone n…
You can create an alphanumeric UPI handle on most UPI applications.
This will hide your phone number.
Eg: My UPI id is sudshekhar.cheq@trans.
Most other UPI apps allow you to create such handles AFAIK.
Nowadays, you can also keep your bank details private by using UPI with a wallet instead of savings account.