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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

#261

Post by notpushkin »

Brajeshwar wrote: post #237
vinay_ys wrote: post #232

Earlier quoted context omitted.

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 Cent…

> Register a company

I think that works everywhere, not just in India. I'm getting spam to my Estonian company's and my Russian sole proprietorship's email addresses at least every week.

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

#262

Post by chupchap »

kmlx wrote: post #179
chupchap wrote: post #162

Earlier quoted context omitted.

How so?

https://eu.usatoday.com/story/opinion/2018/07/27/cell-phone-... it's literally one of the least secure things you can have.

UPI doesn't just work based on phone number. Phone number is just the username equivalent in this context. You still need to put in a pin.

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

#263

Post by jongjong »

colesantiago wrote: post #181
jongjong wrote: post #147

Earlier quoted context omitted.

As we see more of these payment systems emerge, crypto will become more important. The thing about large centralized systems it that sooner or later, they will end up with more virtual units than they can back with real currency and there will be a run on these platforms. History may not repeat itself, but it rhymes. Centralized systems are inherently unreliable and impossible to reliably audit as they can self-repor…

So why is it that UPI has gained more usage in one country than crypto has worldwide in a short space of time? Even MPesa has more usage than crypto has in more countries since it was launched around the same time that Bitcoin was released. Even with all of this, cryptocurrencies such as Bitcoin having sluggish transactions per second causes those to just use centralised systems such as UPI. Those in crypto circles k…

Crypto is mostly a store of value and an accounting ledger (I.e. to represent ownership). It's the thing people would run to if there was a run on payment platforms. That's why it will always be more valuable. Cryptocurrencies represent a safer place to store wealth and the smaller transaction throughput is worth the substantial amount of additional security it provides. Payment systems will always be more disposable and geared around large quantities of small day-to-day transactions. It doesn't make sense to hold any substantial amount of money on these platforms.

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

#265

Post by robin_reala »

eddtests wrote: post #176
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

If you move from another EU country this is the problem that EMPSA are trying (though with no visible success) to solve: https://empsa.org/

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

#266

Post by SolomonLijo »

SolomonLijo wrote: post #264

I think UPI is one of the best decisions in the financial sector of India and w/ better infrastructure, it can do a lot more!

Better infrastructure, in some parts of the country are needed, a lot (1)! There's also a lot of merchants of some parts of India that do not accept UPI-Payments (2) and so if these were fixed - we will have an in-destructible financial service, at the hands of each and every person.

1 - In many cases for my Dad, it had failed due to poor internet in the area.

2 - I heard from an article that a lot of merchants in Mumbai do not accept them.

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

#267

Post by Tijdreiziger »

eddtests wrote: post #176
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

I lived in Sweden for 6 months in 2018 and didn’t have any such problems.

My Dutch Maestro debit card worked in all shops and cafés I visited, and online I was usually able to use a MasterCard.

Personnummer was really only required for things like phone plans and store loyalty cards, which you don’t really need. I just used EU roaming on my Dutch SIM, but if you’re non-EU I believe you can get PAYG/prepaid SIMs without needing a personnummer.

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

#268

Post by tbbfjotllf »

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

India does have the infrastructure and accepts credit cards but it's not available everywhere and UPI is more widespread in India. It can be found in street side sellers to massive retail stores. While the street side sellers won't have the methods to accept credit cards, massive stores probably will and there are always ATMs so cash is a thing. For travel we have Uber, and Uber accepts credit cards. so, You don't need UPI but it's a great convenience to have. On the other hand, Not having Internet access after you get out of the airport is definitely a problem.

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

#269

Post by mattigames »

pcthrowaway wrote: post #228
vinay_ys wrote: post #182

Earlier 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…

> Just go to the money exchange counters and enquire about this. Airport information desk should help you as well. > You can get a local prepaid phone number sim at the airport. Worth noting, do all this before you leave the airport. Assuming you land in Delhi, once you leave the airport there's no way to get back in unless you have flight information to show This turned into a pretty big problem for me on my first t…

Yeah no, it seems likethe best idea it's to not go to India at all and avoid all that trouble.

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

#270

Post by dotnet00 »

whizzter wrote: post #48
sidcool wrote: post #2

The scale of UPI payments is unprecedented. Perhaps the best payment system in the world by far. My friends who come from US are always awe struck by the pervasiveness and easy of use of UPI payments. They want it so bad in the West!

Don't confuse the check wielding Americans for the "west", for example Sweden/Norway/Finland has similar systems named Swish/Vipps/MobilePay (Phone number based with scannable QR codes,etc) that's taken over between people and smaller merchants (even young people organizing raves use Swish payments on-site despite it being potentially traceable) and the banks/companies involved in those services are now in the proces…

"Check wielding Americans"?

Haven't needed my checkbook in many years now, almost everywhere has tap-to-pay and the rare place which doesn't has a chip reader.

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