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India launched UPI (Unified Payment Infrastructure) which is more like a public utility which does 10x more transactions that Visa and Mastercard in mere 28 mon
by KorematsuFred 8y ago
India launched UPI (Unified Payment Infrastructure) which is more like a public utility which does 10x more transactions that Visa and Mastercard in mere 28 months of its launch and is 100% free. More interestingly you can built very interesting apps on top of it and make money.
- actuator 8y agoI don't know if the stats you quoted are true but UPI is a fantastic product. The only problem being you can't use credit so you pretty much pay through your bank account. Also, they have a more direct rival to Visa and MasterCard as well. RuPay, which has lower fees apparently.
- KorematsuFred 8y agoThe stats are for India only BTW. UPI does close to 700M transactions a month and growing around 20% month on month. Compared to that Visa, MasterCard and Rupay combined do around 150M transactions a month. Of course if we add ATM withdrawals (which is actually a cash transaction to think of) than that number is around 800M per month for all of them combined. All numbers are for India only. in USA Mastercard alone does around 12B transactions a year and globally around 75B transactions a year. Large but India's UPI had a fair chance to even overtake than in next 5 years.