Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

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

bqprime.com

Post reply on HN
Print view View original

91–100 of 399 posts

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

#91

Post by ETH_start »

chx wrote: post #75
ETH_start wrote: post #29

Earlier quoted context omitted.

That's an excellent point, as scalability has been the critical handicap of public blockchains to date. This article is nearly two years old, but provides a good overview of the latest techniques devised for achieving scalability in public blockchains: https://polynya.medium.com/rollups-data-availability-layers-... Since then, layer 2s (which are the principal execution layer of the modular blockchain stack the artic…

> scalability has been the critical handicap of public blockchains to date. Also, the blatant scam nature of them is a bit of a problem. While there's a lot of hype, the Washington Post already printed the truth in 2015 https://www.washingtonpost.com/news/wonk/wp/2015/06/08/bitco... which an economy professor have nicely expanded on in two blog posts https://ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin-pon... htt…

The only fundamental difference inherent to the respective designs of blockchains and traditional banking, is censorship resistance through genuine self-custody. The former is designed to provide this quality, and the latter is not.

Put another way, there is nothing inherently scammy in using a distributed blockchain to record balances, and cryptography to authenticate updates to the balances. While opening the door to financial contracts to every one in the world with a computing device may make scam offerings more common, it's overly simplistic and lazy to resort to a caricature of crypto tokens being, as a rule, scams.

Articles like the ones you linked above want a return to serfdom, under the control of officialdom. There is no other conceivable reason why someone would not want people to have at least the option of taking custody over their own money, in a form more useful than physical cash.

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

#92

Post by user_7832 »

kmlx wrote: post #86
user_7832 wrote: post #72

Earlier quoted context omitted.

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.

With regards to maestro, yes sure, but I think diner’s etc (aka anything non visa/Mastercard) have issues internationally.

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

#93

Post by apienx »

bheadmaster wrote: post #64
LiamPowell wrote: post #25

Earlier quoted context omitted.

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

It could, if you're paying everything with the card. But you always have an option to go to an ATM and pick up some untracable cash. I assume these apps don't provide such an option.

It’s an option…for now.

In 2016, India demonetized bills as low as 500 Rupees (the equivalent of $6). People died in the ensuing chaos, and the Supreme Court just that ruled in favor of the demonetisation.

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

#94

Post by kmlx »

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!

> They want it so bad in the West!

i don’t think so. in the UK NFC payments via the phone’s wallet are ubiquitous.

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

#95

Post by egghese »

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.

Not interested on flamewars here. Reading this thread it looks like merits of system is upon peoples arbitrary metrics based on varying perspectives. So a constructive discussion is not going to happen.

So until there is some standardised comparison probably making any statements about merits or demerits, including mine are just opinions without facts.

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

#96

Post by kmlx »

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?

a lot more seamless. you just tap your credit card and that’s it.

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

#97

Post by [deleted] »

Ylpertnodi wrote: post #77
ryanjshaw wrote: post #57

Earlier quoted context omitted.

This is already a thing, but it works the other way around. Here in South Africa, the largest private short-term health insurer gives you up to 75% cash back for 'healthy food choices' [1] i.e. they effectively reduce your premiums if you signal that you make healthier choices than other people in the fund. The law in South Africa says that short-term health insurers can't charge different people different premiums,…

Buy healthy with card. Fags, booze and McD's in cash. Or, a different card.

[deleted]

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

#98

Post by kmlx »

user_7832 wrote: post #92
kmlx wrote: post #86

Earlier quoted context omitted.

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

With regards to maestro, yes sure, but I think diner’s etc (aka anything non visa/Mastercard) have issues internationally.

diner’s maybe. but i never had a problem with my mastercard or visa. even my amex is widely supported.

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

#99

Post by kmlx »

notsahil wrote: post #22
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.

UPI isn't QR based it you can also use UPI ID, which is like email. For eg: example@provider And most UPI are linked with phone number, so you can also pay via phone number if UPI is linked with it.

phone numbers aren’t secure at all thou.

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

#100

Post by ztrww »

FlyingSnake wrote: post #87
ztrww wrote: post #81

Earlier quoted context omitted.

is it really that different from SEPA though?

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

I think there is a standard, so as long your bank’s app supports it and more importantly the merchant actually provides a QR code to scan (which is unlikely).

Then again, I don’t see much need for that when I can just NFC pretty much everywhere (of course the merchant still ends up paying up to 1% on every transaction)

Post reply on HN