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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

#361

Post by pb7 »

vinay_ys wrote: post #204
kmlx wrote: post #141

Earlier quoted context omitted.

> 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!).

What happens when you buy or order something online and it doesn’t come, is broken, they won’t take it back, or a myriad of other situations? That’s fraud.

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

#363

Post by pb7 »

programmer_dude wrote: post #207
kmlx wrote: post #141

Earlier quoted context omitted.

> 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).

> Ask yourself this will you have to eventually pay interest on the borrowed money or not?

No, because after a month, there will be an automatic payment from my bank for the balance. In that time, the bank is giving me their money and they’re on the hook for any fraud.

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

#364

Post by sudshekhar »

wtmt wrote: post #314
sudshekhar wrote: post #210

Earlier quoted context omitted.

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.

Nope. An alphanumeric UPI handle won’t hide your phone number [1] UPI payments also ~~leak~~ share the person’s full legal name on transactions…and the phone number. [1]: https://scroll.in/article/1045536/are-your-upi-payments-farm...

Hey, please try making a payment through a Cheq alphanumeric VPA. Your phone number won't get shared with the merchants.

Legal Name -> Yes, everyone gets to see your full name post scanning the UPI payment app.

But this is a feature not a bug. Since in most cases I want to confirm the identity of the person I am paying to.

And allowing people to display any name as their UPI username will lead to much more identity fraud than you can imagine.

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

#365

Post by sudshekhar »

unmole wrote: post #342
sudshekhar wrote: post #208

Earlier quoted context omitted.

Mentioned this on the parent thread, but there are new UPI apps coming out in the market which don't need a bank account. https://chequpi.com/ For example

I saw a 040 support number and got a bit excited for a minute. But looks like you guys are based Bengaluru.

Our team is based out of Bangalore. But Transcorp, our partner, has branches in 22 cities across India.

People can get themselves verified for the Cheq wallet at any of these locations.

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

#366

Post by sudshekhar »

kryptozinc wrote: post #343
sudshekhar wrote: post #208

Earlier quoted context omitted.

Mentioned this on the parent thread, but there are new UPI apps coming out in the market which don't need a bank account. https://chequpi.com/ For example

Tried the app on two different phones with two different USA numbers. Never received the OTP on either. What if this happens when executing a transaction that requires OTP?

UPI transactions thankfully don't need an OTP for verification. As long as you have internet, your payments should work fine

You'll just have to enter the transaction PIN (which you decide while creating the account).

Sim binding generally fails because the individual is unable to send an sms due to recharge/network issues. Can you raise a ticket with the support team? Someone will quickly get in touch and help you onboard.

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

#367

Post by sudshekhar »

captn3m0 wrote: post #272
sudshekhar wrote: post #227

Earlier quoted context omitted.

I think most data selling happens via branch employees / telecom operators instead of "at the top" Banks / UPI vendors have to comply with very strict data regulations and the confirmation of a "data leak" is enough to attract heavy penalties from the NPCI and RBI. Most banks and UPI service providers will never risk it, specially post the DEPA guidelines which have recently been adopted.

See this thread on twitter for reports: https://nitter.net/jackerhack/status/1632029845642412033 , https://nitter.net/jackerhack/status/1630636510994378752

Both these tweets can be addressed by adopting a UPI enabled wallet.

Using Cheq, you can keep your bank account plus mobile number secret. Everyday small value transactions can also be consolidated separately from your main bank account.

I don't think anyone is selling data in the UPI ecosystem but if they are, that's a very short-sighted strategy to make money for sure.

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

#368

Post by sudshekhar »

kylehotchkiss wrote: post #348
sudshekhar wrote: post #205

Earlier quoted context omitted.

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…

As a foreigner who's lived in India for several years, what I'd really prefer is the ability to make payment using the instruments I have and not having to do a whole "KYC" process that no other country would ask me to. Context - within my home USA, I can open bank and credit cards accounts without ever even showing an ID. Having to ask very local shops to scan your passport/visa is an extremely uncomfortable request…

The pine terminals and credit card acceptance cost the merchants hefty fees. Which many of the small businesses prefer not to pay, specially given the infrequency of card purchases.

You can always stick to cash and card as your preferred mode of payments in India.

Having a UPI wallet can be a convenient backup for travellers though. You won't have to run around finding an ATM in case you get stuck.

And the verification process might seem "difficult" but its one-time and less painful than visiting a doctor.

Given the applicable forex regulations, I guess that's the best we're allowed to enable right now.

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

#369

Post by sudshekhar »

fuzztester wrote: post #295
sudshekhar wrote: post #205

Earlier quoted context omitted.

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?

The goal is to build a sustainable business which helps customers enjoy the lowest cross border forex rates for purchasing in India.

We're trying to stay away from unsustainable economics

1) Cheq charges a 10$ joining fees to everyone who activates their wallet.

2) We'll eventually charge an add money markup for topping up your wallet using an international card

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

#370

Post by pkd »

vinay_ys wrote: post #291
signal11 wrote: post #244

Earlier quoted context omitted.

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…

Hey guy, I can tell you that a friend recently visited India and was told by the staff at the counter in the airport that the prepaid UPI wallet barely works and to not use it. Also since he landed in the night (like most flights from the West will), the counter was officially "closed" for this purpose and he had to haggle with the people at the counter to even get as far as he did.

UPI is a great system for Indians, but it is still hostile to anybody visiting without an Indian identity document. India's reliance on SMS for OTP codes is also super bad imo. There is no need to be defensive about UPI. It's good, but it can always be better.

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