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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

#291

Post by vinay_ys »

signal11 wrote: post #244
vinay_ys wrote: post #235

Earlier quoted context omitted.

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.

Except the ‘helpful’ steps you mentioned don’t really work. (Another commenter linked to some up and coming apps which are far more promising[1], I’d definitely urge interested folk to look into those.) > moreover UPI needs no defending, its stats speak for itself. The law of large numbers applies to UPI like it does to almost everything in India: you’ll get huge numbers which look good on slides. In reality, UPI is…

What's your basis for saying it doesn't work? Have you actually tried to get a prepaid wallet at the airport counter and it didn't work for you?

Don't make unnecessary personal attacks by saying there's no critical thinking. If there's a specific factual thing that's incorrect in what I wrote above, feel free to point it out with evidence. Don't make unnecessary tall and broad claims about others who you know nothing about.

Btw, I didn't say UPI doesn't need improving. I actually worked on different parts of UPI stack to do exactly that. And if you take the time to look at the number of feature launches that have happened on UPI you will realize how much work to improve it is actually happening every month. Also, if you really leave your biases aside and look at it critically, you might realize that the scale of UPI wasn't a given just because it is India. It takes effort make anything get to that scale and keep growing.

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

#292

Post by tamirzb »

perfopt wrote: post #148
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 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.

RedBus and many other Indian apps & websites don't accept foreign credit cards. It can become a real headache when traveling in India as a foreigner.

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

#293

Post by ChrisMarshallNY »

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…

Damn. UPI shares your phone number?

Instant PLONK.

But I have been hearing raves about how great it is, from my Indian friends.

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

#294

Post by EVa5I7bHFq9mnYK »

cornholio wrote: post #126
csomar wrote: post #15

Earlier quoted context omitted.

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.

Seems like it's a good example of developing countries skipping technological nodes and ending up with better solutions. For example, most of eastern Europe was already using fiber/copper Ethernet 15-20 years ago, while most western Europe and US were stuck with crappy DSL lines. In the payment processing sphere, we are stuck with a duopoly that charges insane fees for something that was very complex and labor intens…

Imagine a zero-day in Linux kernel cleaning out bank accounts of entire continent.

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

#295

Post by fuzztester »

sudshekhar wrote: post #205
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…

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. https://chequpi.com/ 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…

What's the Cheq UPI business model? Standard VC-backed startup one, of get bought or IPO, or stay in biz and make profits. If profits, how?

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

#296

Post by eldaisfish »

_xnmw wrote: post #248
ChrisArchitect wrote: post #31

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

Not nearly as convenient. Do you use Interac to pay for a $1.50 coffee regularly straight from your phone? Send money to a friend without needing to exchange emails/phone/passwords? Be completely fee-less no matter what bank you use? Not require "acceptance" on the other end? Be notified and require approval before a merchant can debit your account? From what I understand, UPI has all of these things and Interac does…

UPI is not free and people should really stop parroting that talking point. It is free, FOR NOW.

There are plans in place to charge a 1.1% fee for transactions to merchants. The indian government claims that there will be savings via banks handling less cash but it provided exactly zero in the way of calculations, estimates or data. In 2022, the indian digital payment industry expected a net loss of around 60 million USD.

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

#297

Post by EVa5I7bHFq9mnYK »

dotnet00 wrote: post #270
whizzter wrote: post #48

Earlier quoted context omitted.

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.

But what if a company, for example, a utility, owes you money? This is still done exclusively via checks.

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

#298

Post by EVa5I7bHFq9mnYK »

DaiPlusPlus wrote: post #30
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…

> 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…

I'm sure there are ways for anyone interested to purchase an anonymous UPI account, just as there are ways to purchase an anonymous MasterCard now.

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

#300

Post by Sai_ »

sateesh wrote: post #183
Sai_ wrote: post #175

Earlier quoted context omitted.

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…

Not necessarily true, most of the petty transactions cater the inelastic demands (like groceries, daily medication etc. ).

That’s almost tautological - if it’s a necessity, you will spend.

It’s the stuff that was above the bottom of Maslow’s needs pyramid that UPI has enabled.

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