Earlier quoted context omitted.
They are fundamentally different.
So explain how?
There is no 1200$ limit on crypto transactions.
UPI Payments: 10B transactions a month done, next stop 100B
371–380 of 399 posts
Re: UPI Payments: 10B transactions a month done, next stop 100B
#372Earlier quoted context omitted.
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.
Why is the bank doing this for you? Out of the goodness of their hearts?
Re: UPI Payments: 10B transactions a month done, next stop 100B
#373Earlier quoted context omitted.
"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 most of the developed world does. even Eastern Europe have transformed themselves into a NFC bonanza. > The Netherlands the netherlands is the wrong example. it has always been an outlier when it comes to card payments. case in point: you can't even make a Visa/Mastercard payment in an AH supermarket, you need a Maestro card. > The world is not the…
absolutely ridiculous that the class-based "developed world" label is still around, as if most parts of Asia aren't at the same developmental and infrastructural level as America. India is up there :)
Re: UPI Payments: 10B transactions a month done, next stop 100B
#374I 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…
Thanks for this information. I am a NRI and I do have a NRO account. Can I use that account for getting a UPI wallet?
Re: UPI Payments: 10B transactions a month done, next stop 100B
#375Earlier quoted context omitted.
Riiight.. there’s a problem with money exchange at the airport so the solution is to completely write off an entire subcontinent that’s the home of one of the oldest, richest human cultures.
If it’s a massive burden to do something as simple as pay for goods and services then why not? There is a whole world out there that doesn’t suffer from this problem.
Currency notes and credit/debit cards work well.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#376Earlier quoted context omitted.
Hmm, where do I begin? 1. Bringing a mic and camera equipped device to the bathroom. 2. Accepting video calls from naked people. 3. Acting ashamed for having a naked person on screen. I tried to make a joke because the premise sounds crazy and extremely hypocritical to me.
I think the word prudent is throwing people off. Did you mean prudish?
I totally did, thank you!
Re: UPI Payments: 10B transactions a month done, next stop 100B
#377Earlier 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.
How does UPI handle payment disputes? My impression is that the direct payment systems do not have chargebacks and are risky for anything that isn't immediate. What do you do if store won't give you return/refund for something broken? What do you if online store never ships? What if food stall doesn't give you your food? With credit card, it isn't my money for a month until I have to make the payment. If there is a p…
In this regard a UPI transaction is the same as a cash transaction. AFAICT it does not handle payment disputes. You can use a credit card if it provides protection against this but now you need to be sure the credit card company is not scamming you (say by charging you bogus fees). As far as I am concerned using a credit card changes nothing when it comes to fraud protection.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#378Earlier quoted context omitted.
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
Thanks for the info.
Re: UPI Payments: 10B transactions a month done, next stop 100B
#379Earlier quoted context omitted.
That's great for you, but most countries don't have Maestro so no luck in Sweden. And no, Mastercard does not work nearly as well.
I think Swedish banks issue MasterCard or Visa as their standard debit cards, so it seems to me that it should work (although I didn’t have reason to try it when I was there). See e.g.: https://www.swedbank.se/en/private/cards-and-payment/debit-c... https://www.handelsbanken.se/en/personal/accounts-cards-and-... https://www.nordea.se/privat/produkter/kreditkort-bankkort/n...
There's a big push on Swish which is a mobile banking app and only available to people with BankID - there are smaller places that are Swish-only which means you cannot pay with a card or cash but a Swedish-specific app. I am now with Handelsbanken so this issue is solved but when I first visited it was an issue!
But regardless of those more niche issues, did you try joining a Gym before getting a Swedish card/personnummer?
Re: UPI Payments: 10B transactions a month done, next stop 100B
#380Earlier quoted context omitted.
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.
I'm not entirely sure how you imagine Visa's fees protect you from Linux kernel zero days. More than likely, the unwieldy infrastructure with massive technical debt accrued over decades has a much larger attack surface and uses a myriad of more or less obsolete technology.
Also, the payment system should not be confused with the banking system. Complete control over the payment system would give the attacker the ability to deny payments or make fraudulent ones, but would not, for example, allow the attacker access to accounts not linked to a payment instrument, or allow them to circumvent the limits set on such instruments.