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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

#231

Post by mkl95 »

programmer_dude wrote: post #212
mkl95 wrote: post #120

Earlier quoted context omitted.

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…

Credit card annual interest rates can be as high as (or even higher than) 50%. This is not trivial, it can (and does) ruin lives. It is a type of debt (though conditional).

I don't know about other areas, but in the West the overlap between credit card users and people who can get a decent loan at a <10% interest rate is very high. Which is why for most credit card users, credit is a no go if they are not paying it back quickly. UPI counterpart's use case is to send a bit of money to your friend when you share a meal etc.

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

#232

Post by vinay_ys »

Brajeshwar wrote: post #218
gruez wrote: post #213

Earlier quoted context omitted.

>There is a scam going on in India. Random females, who are either naked or scantily clothed, will call up on WhatsApp Video. If you pick up the call, say while in the bathroom and not fully clothed, they will take screenshots and threaten you that they will make that picture “viral” to extort money. This is baffling. First, how much % of the day do you spend naked? 1-2%? So the success rate of any given call is goin…

The receiver don't have to be naked. So, here is the story that got me to look into this a bit to learn what was happening. Father-in-law don't keep all the phone numbers updated, so, he picks up all calls -- mostly video calls from his kids and grandkids. One day, he picked up a WhatsApp Video, where the woman on the other end was pretty much naked. Father-in-law was in the couch and gave the phone to my wife, askin…

If all it takes is a screenshot, why not just photoshop it? Why do you need to call at all? I know there are a lot of scam calls trying to get payment credentials or get people to make payments but this MO sounds quite implausible.

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

#233

Post by signal11 »

vinay_ys wrote: post #226
signal11 wrote: post #203

Earlier quoted context omitted.

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…

> 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) These money exchange counters are before airport security and accessible without "entering" the airport.

Those (before airport security) don’t perform UPI onboarding for foreign tourists. The usually-solitary shop/desk that does this is present in select airports for international arrivals (not departures) and needs to be used before you leave the secure area. And oh, good luck finding it staffed if your flight arrives outside business hours.

Your meta-point though is “oh there’s a workaround” or “if you go through hoops it’s doable”.

My meta-point is, the whole “do it at specific shops in the airport” is problematic and needlessly limiting.

Why an airport? Why’s it special? Could it be more convenient?

Asking these questions of digital systems (any digital system) is what HN is about. Not defending needless limitations.

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

#234

Post by vinay_ys »

crop_rotation wrote: post #209
Brajeshwar wrote: post #193

I’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.

I refuse to give phone numbers and usually the cashier will enter their own fake phone number to let the system proceed further. Some shops like decathlon tried to force us to install their app, create an account and then scan and pay through that – at the cashier counter. I just left the entire shopping cart there and walked out without purchasing. Such crazy things do happen but those companies will learn the lesson quickly as Indians are quite savvy about these things.

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

#235

Post by vinay_ys »

signal11 wrote: post #233
vinay_ys wrote: post #226

Earlier quoted context omitted.

> 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) These money exchange counters are before airport security and accessible without "entering" the airport.

Those (before airport security) don’t perform UPI onboarding for foreign tourists. The usually-solitary shop/desk that does this is present in select airports for international arrivals (not departures) and needs to be used before you leave the secure area. And oh, good luck finding it staffed if your flight arrives outside business hours. Your meta-point though is “oh there’s a workaround” or “if you go through hoop…

hey, I'm just trying to be helpful for visiting foreigners. I don't have any need to defend UPI on HN and moreover UPI needs no defending, its stats speak for itself.

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

#236

Post by programmer_dude »

mkl95 wrote: post #231
programmer_dude wrote: post #212

Earlier quoted context omitted.

Credit card annual interest rates can be as high as (or even higher than) 50%. This is not trivial, it can (and does) ruin lives. It is a type of debt (though conditional).

I don't know about other areas, but in the West the overlap between credit card users and people who can get a decent loan at a <10% interest rate is very high. Which is why for most credit card users, credit is a no go if they are not paying it back quickly. UPI counterpart's use case is to send a bit of money to your friend when you share a meal etc.

You have to remember to pay back your credit card debt before the clock runs out. Once you make a UPI payment the transaction ends there (because the money is debited from your bank account and you are not taking on a conditional loan). You don't have to remember to pay the UPI company anything after the fact. I hope this explains how UPI is different from credit cards.

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

#237

Post by Brajeshwar »

vinay_ys wrote: post #232
Brajeshwar wrote: post #218

Earlier quoted context omitted.

The receiver don't have to be naked. So, here is the story that got me to look into this a bit to learn what was happening. Father-in-law don't keep all the phone numbers updated, so, he picks up all calls -- mostly video calls from his kids and grandkids. One day, he picked up a WhatsApp Video, where the woman on the other end was pretty much naked. Father-in-law was in the couch and gave the phone to my wife, askin…

If all it takes is a screenshot, why not just photoshop it? Why do you need to call at all? I know there are a lot of scam calls trying to get payment credentials or get people to make payments but this MO sounds quite implausible.

The screenshot is likely the precursor the the video they record since the call got established. For most non-tech, and generations prior to us, would be startled, and likely to act in a haste to avoid further embarrassment. Let's say they have a success rate of less than 10% (1 in 10 calls), it is worth their time sitting in cabin somewhere in a town in India earning ₹25,000 a month working for an "Support Call Center" helping them setup this scam patterns.

You wanna try a sure-shot scam/Spam game right now?

1. Register a domain in India or via an Indian registrar, I will guarantee you that in the next few days to weeks, you will get all the needed spam in your inbox associated with that domain registration. If you have given your phone number, then they will call up there too.

2. Register a company. Baam! Phone calls, emails, and the very famous Book Parcel scam via the post office to the registered address, and what not.

Have fun. India is definitely not for beginners. /wink

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

#238

Post by Eisenstein »

vinay_ys wrote: post #232
Brajeshwar wrote: post #218

Earlier quoted context omitted.

The receiver don't have to be naked. So, here is the story that got me to look into this a bit to learn what was happening. Father-in-law don't keep all the phone numbers updated, so, he picks up all calls -- mostly video calls from his kids and grandkids. One day, he picked up a WhatsApp Video, where the woman on the other end was pretty much naked. Father-in-law was in the couch and gave the phone to my wife, askin…

If all it takes is a screenshot, why not just photoshop it? Why do you need to call at all? I know there are a lot of scam calls trying to get payment credentials or get people to make payments but this MO sounds quite implausible.

I would guess 1) it is easier to screenshot than to find a picture of someone and then photoshop it in 2) scams are almost always about fear and urgency -- if you tell them you are going to photoshop it and let them think about it for a while, your chances of getting paid are much smaller than if you go 'gotcha now pay me or I hit send'

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

#240

Post by kumarvvr »

mehulagrawal wrote: post #23

That's >50% of monthly global Visa transactions [1]. Monthly volume at ~$190 billion [2], as compared to ~$1 trillion monthly volume for Visa globally [3]. Pretty good, given that most banks have daily UPI limits of $1200, and much lower individual transaction limits. [1] https://www.thenationalnews.com/business/technology/2023/07/... [2] https://www.cnbctv18.com/technology/upi-monthly-transaction-... [3] https://ann…

It's 1200 USD per day.
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