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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

#81

Post by ztrww »

FlyingSnake wrote: post #67
egghese wrote: post #40

Earlier quoted context omitted.

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.

I would love to see similar public-private consortium systems in rest of the west like Germany, Spain, France and Australia etc. Until then I’ll consider UPI to be superior to those in the west.

is it really that different from SEPA though?

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

#82

Post by gmerc »

instagraham wrote: post #79
gmerc wrote: post #14

Earlier quoted context omitted.

That’s … not correct. Modi’s demonetization was a huge forced driver of digital payment adoption. It’s what spurred most companies into kicking off their UPI efforts

Shooting several people in a bid to get them to hospital to have their corneas scanned for cataracts can also lead to lower cataract rates. That doesn't make it the best way to get people to scan for cataracts.

Bizarre comment. Nobody is arguing about best or not.

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

#83

Post by sirius87 »

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…

That traceability of transactions contributes to expansion of the tax net. About ~2% of India's population pays income tax and For the longest time, certain professionals such as doctors running neighborhood clinics earned money only in cash, allowing them to skip the tax net or claim to tax agencies that they attend to many patients on a charitable basis. This is changing quickly with patients walking into clinics insisting on paying digitally, pushing doctors to open current accounts and have billing and payment systems.

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

#84

Post by ztrww »

perryizgr8 wrote: post #33
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.

The problem with apple pay is that it is inaccessible to 80% of the population.

Apple Pay (unless you use it to pay online) is just wallet app for debit/credit cards, Android has the same thing.

I guess in Europe there is just much less demand for systems like this because NFC terminals are you ubiquitous.

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

#85

Post by skrebbel »

bheadmaster wrote: post #12
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…

Quite convenient for tracking people's consumption choices and discriminating based on them. Hi there! We've noticed an increase of fast food purchases in the log of your account. Therefore your medical insurance premiums have risen by 200% to accomodate the change. For lessened prices, you might want to start consuming our Healthy Food(TM) lunch packs by EvilCorp, made out of bugs for the good of the environment :)

How would my insurer get access to my payment history?

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

#86

Post by kmlx »

user_7832 wrote: post #72
n_ary wrote: post #49

Earlier quoted context omitted.

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 ea…

I’m sure your nfc card/phone works great in Germany but it’s worth noting that part of the reason is that your card is likely Mastercard/visa. Here in the Netherlands tap and pay is also seamless with maestro cards… but the moment you try to use it internationally, POS machines reject it (“out of network” or something). If you have a diner’s card or an American Express card you might notice how many terminals/pos’es…

netherlands has always been an outlier when it comes to card payments.

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

#87

Post by FlyingSnake »

ztrww wrote: post #81
FlyingSnake wrote: post #67

Earlier quoted context omitted.

I would love to see similar public-private consortium systems in rest of the west like Germany, Spain, France and Australia etc. Until then I’ll consider UPI to be superior to those in the west.

is it really that different from SEPA though?

I’ve never done an instantaneous SEPA transfer just scanning a QR code. Is that possible?

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

#88

Post by ztrww »

ramraj07 wrote: post #44
egghese wrote: post #40

Earlier quoted context omitted.

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?

Tapping my phone on an NFC terminal seems much easier and more straightforward than having to scan a QR or install a third party app and having to figure out how to link it with my bank account. There is just probably not a lot of demand for a system like this in much of the west (in cases where you can’t use a card there is always SEPA instant payments)

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

#89

Post by alexchamberlain »

piuantiderp wrote: post #56
LiamPowell wrote: post #25

Earlier quoted context omitted.

Why could this not also be done with currently used card systems?

Mostly because the systems are old, limited in the amount of data they generate.

They are definitely generating and analysing this data in the US. I believe the data protection laws in the UK and EU prevent it here, at least to the scale. There is no doubt it could be done though - it's the same basic technology with a different transport mechanism and/or intermediary.

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

#90

Post by kmlx »

Grimburger wrote: post #26
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.

The interop with banking across SEA is pretty cool now, most countries have cross border payments with nothing more than a QR code. And this is down to the hawker stall level. It's advancing a lot quicker than you'd expect given that many of the countries aren't really that good at coordinating with each other.

why didn’t these countries go the NFC route instead of QR codes?
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