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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

#41

Post by pyeri »

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…

Almost each and every concern is applicable to VISA/Mastercard system too. UPI is just another alternative who isn't a member of that elite card system club but one who has carved a niche of their own.

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

#42

Post by kemotep »

ETH_start wrote: post #36
kemotep wrote: post #32

Earlier quoted context omitted.

Why wouldn’t this hypothetical authoritarian government also just ban the use of crypto currency? If they then ban you from transacting while in their jurisdiction, and you don’t become homeless, starve to death, and so on, why would they not arrest you for clearly violating their unjust laws when you pay for those things in crypto?

An institution like physical cash can be powerful/deeply-embedded enough to survive authoritarian governments, and I presume the same would would apply to a widely adopted electronic cash. The political cost to do away with an institution grows in proportion to how pervasive it is.

That completely side steps the question at hand. You, a citizen of an authoritarian regime, are banned from doing transactions and participating in the economy because you are a dissident or not vaccinated or whatever. Why would that ban not also include cash and crypto transactions?

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

#43

Post by ray02398 »

nexus7556 wrote: post #16
bayesianbot wrote: post #8

Thailand has a similar system - you use your banking app to scan a QR code, either the code is generated and has the amount included or it's printed static paper and you write the amount yourself, then show the receipt to the merchant or they check the notification in their phone. Started in 2017, nowadays it's everywhere, I can go to local market and pay $0.5 products with it. My 12 year old daughter opened her own…

It’s frustrating though since most foreigners can’t use the QR payment system and most places don’t take card. Thailand is the only place I need to carry cash.

I was in Lao as a tourist late last year. I was able to link the QR payment system (Loca) to my international Mastercard.

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

#44

Post by ramraj07 »

egghese wrote: post #40
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!

UPI is an impressive system, I use it often and it is quite empowering for billions of Indians. But calling it the "best payment system in the world"! And west wants it so bad sounds like blind exaggerations. United States is not the only western country. Scandinavian countries has Swish (2012), Vipps (2013), and Mobile pay (2015), Canada has Interac.

Others have the system but is it as good and seamless as the Indian one?

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

#45

Post by ramraj07 »

lazyninja987 wrote: post #7
yftsui wrote: post #3

Earlier quoted context omitted.

Probably not everyone, I hate QR coded based payment systems but prefer Apple Pay, so the apps won’t have my camera access. Same applies when folks from China claiming Alipay or WeChat is the best payment system.

usually people initiate transfer using 10 digit phone number. i really dont like QR codes too because most of the time either the QR code is not oriented for easy scanning or worn out and no longer scannable.

I pay by upi multiple times a day and haven’t had a single instance of a bad QR code.

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

#46

Post by sateesh »

unmole wrote: post #20
hiyer wrote: post #19

Earlier quoted context omitted.

Not so much, actually. What really led to the rapid uptake of UPI was Covid and people's reluctance to handle cash as a result of it.

> What really led to the rapid uptake of UPI was Covid and people's reluctance to handle cash as a result of it. That timeline doesn't make sense. UPI was already a spectacular success by 2019.

In 2019 it was gaining traction, as the article shows the volume of transactions were around 1 billion per month in March 2019.

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

#47

Post by dang »

Related. Others?

A digital payments revolution in India - https://news.ycombinator.com/item?id=36011978 - May 2023 (165 comments)

Tiny, cheap smart speakers unlocked the rise of digital payments in India - https://news.ycombinator.com/item?id=35440608 - April 2023 (142 comments)

Why peer to peer digital payment system UPI should remain free in India - https://news.ycombinator.com/item?id=32821955 - Sept 2022 (41 comments)

India leaps ahead on payments - https://news.ycombinator.com/item?id=31970992 - July 2022 (4 comments)

UPI: India's Unified Payments Interface - https://news.ycombinator.com/item?id=24094323 - Aug 2020 (178 comments)

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

#48

Post by whizzter »

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 process of building cross-national support that probably will let other countries join soon.

I think the main takeaway is that phones and capable app ecosystems was a "hidden" disruption enabler vis-a-vis the traditional credit card processing companies that various actors in various countries has taken advantage of now, the big question is if/when they will make this internationally interoperable (considering the trouble foreigners in Sweden has with being excluded from these "easy" payments that at best requires a card or at worst cash it's an area that needs fixing).

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

#49

Post by n_ary »

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!

Not sure about US, here in Germany, I really love the tap-pay(NFC based) usually everywhere(except some random kebab shops). It simply works regardless of me having an Android/iPhone or simply just a the nfc enabled card.

I don’t need to open another account, fumble with one-more-app or anything. Also apple-pay appears to mask my CC/DC number as well, so better safety.

I want it everywhere badly in west as well as east and middle(-east).

I am familiar with UPI and few similar things in other neighbouring countries(looks like every SEA country has its own entirely different version of it and some country has almost 4-6 competing copy-cats!).

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