5 ms·

I' have to agree. UPI (Tez/BHIM etc.) is so awesome and a pleasure to use, I don't even like credit card payments anymore. Wonder why the USA doesn't have anyt

I' have to agree. UPI (Tez/BHIM etc.) is so awesome and a pleasure to use, I don't even like credit card payments anymore. Wonder why the USA doesn't have anything like that.

nindalf 9y ago
I'm curious, have you never seen failures happen? I've seen it happen a few times - a payment to a merchant times out and they don't receive it till days later. By then you've already paid twice and its difficult to recover the money. This isn't a problem with credit cards where you can simply issue a charge-back. Until UPI has a grievance redress system, it will struggle to gain mainstream acceptance. That's not the only issue. Operating this system isn't free. For now, no transaction fees are being levied but banks are eagerly awaiting the day that the RBI will allow them to. 1-2% of a txn might not seem like much, but it'd be a tough sell to consumers asking them to pay more when they could use cash instead.
- piyush_soni 9y ago
  I've made numerous (at least more than 100) UPI transactions, but haven't seen a single 'failure' as such. Yes, there's been delay at times, but it's just that, a delay. It's a little inconvenience at that time, but it's comparatively much rarer (and less frustrating) than OTP SMS not received problem for a credit card transaction which I just started hating. Most of the times, UPI (Tez) transactions are instant for me. About 1-2% charges, if they ever start using it, wouldn't it still be better than credit cards? Most merchants don't charge extra for those (but some do even for credit cards).
- sdenton4 9y ago
  My understanding is that these high latencies are due to failures in the backing bank's infrastructure. Here's a workaround: https://productforums.google.com/forum/#!topic/tez/AHKZjmtUxp8 https://productforums.google.com/forum/#!topic/tez/AHKZjmtUx...
pgeorgi 9y ago
5 years ago I heard of US banks printing a check and mailing it across the country (followed by all the usual delays due to clearing the check) in reaction to an online banking transaction (or ACH or whatever). That seemed like a joke to me, but apparently a paper check in the mail was the only universally accepted interface for inter-bank transactions.
- piyush_soni 9y ago
  I moved to India 2 years back, and surprisingly, in daily life it looks so much advanced here! Here we order groceries, food, medicines, everything online, and you think of a way of payment, and it's there. "Paytm" changed the way of digital payments forever in stores (even roadside sellers and stalls). In US I used Google Wallet to pay in stores through my phone, but with paytm it's even easier. You scan vendor's barcode, type the amount, and click 'Send'. That's all. Then came UPI, which removed another layer of uploading money beforehand. Going cashless has become a breeze.

I' have to agree. UPI (Tez/BHIM etc.) is so awesome and a pleasure to use, I don't even like credit card payments anymore. Wonder why the USA doesn't have anything like that.

nindalf 9y ago

I'm curious, have you never seen failures happen? I've seen it happen a few times - a payment to a merchant times out and they don't receive it till days later. By then you've already paid twice and its difficult to recover the money. This isn't a problem with credit cards where you can simply issue a charge-back. Until UPI has a grievance redress system, it will struggle to gain mainstream acceptance. That's not the only issue. Operating this system isn't free. For now, no transaction fees are being levied but banks are eagerly awaiting the day that the RBI will allow them to. 1-2% of a txn might not seem like much, but it'd be a tough sell to consumers asking them to pay more when they could use cash instead.

piyush_soni 9y ago
I've made numerous (at least more than 100) UPI transactions, but haven't seen a single 'failure' as such. Yes, there's been delay at times, but it's just that, a delay. It's a little inconvenience at that time, but it's comparatively much rarer (and less frustrating) than OTP SMS not received problem for a credit card transaction which I just started hating. Most of the times, UPI (Tez) transactions are instant for me. About 1-2% charges, if they ever start using it, wouldn't it still be better than credit cards? Most merchants don't charge extra for those (but some do even for credit cards).
sdenton4 9y ago
My understanding is that these high latencies are due to failures in the backing bank's infrastructure. Here's a workaround: https://productforums.google.com/forum/#!topic/tez/AHKZjmtUxp8 https://productforums.google.com/forum/#!topic/tez/AHKZjmtUx...

pgeorgi 9y ago

5 years ago I heard of US banks printing a check and mailing it across the country (followed by all the usual delays due to clearing the check) in reaction to an online banking transaction (or ACH or whatever). That seemed like a joke to me, but apparently a paper check in the mail was the only universally accepted interface for inter-bank transactions.

piyush_soni 9y ago
I moved to India 2 years back, and surprisingly, in daily life it looks so much advanced here! Here we order groceries, food, medicines, everything online, and you think of a way of payment, and it's there. "Paytm" changed the way of digital payments forever in stores (even roadside sellers and stalls). In US I used Google Wallet to pay in stores through my phone, but with paytm it's even easier. You scan vendor's barcode, type the amount, and click 'Send'. That's all. Then came UPI, which removed another layer of uploading money beforehand. Going cashless has become a breeze.