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>>India is WAYYY ahead on the payments game. Only if you(and the person receiving) can afford a smart phone, and an internet connection. The edge US has is th
by kamaal 7y ago
>>India is WAYYY ahead on the payments game.
Only if you(and the person receiving) can afford a smart phone, and an internet connection.
The edge US has is the cards are ubiquitous, they cost nothing to carry and use. Every one has them, and every one receiving them has the readers. Most credit unions don't charge for checking accounts, and transaction fees are $0.
US is WAYYY ahead on the payments access game.
- gingabriska 7y agoNot just that but getting an account to process international card is very difficult in India and setting up recurring payments or SaaS very difficult.
- nonamechicken 7y agoI recently tried to buy Office 365 from MS India. It just kept on failing with my India debit card even though it accepts both debit/credit cards. The error message was not helpful and finally came to know from customer care that it was due to the debit card. So, it can go both ways.
- sfifs 7y agoRecurring payments have been intentionally blocked by the banking regulator in India by requiring 2FA for every online transaction to prevent abuse/fraud. It is a known pain intentionally traded off - hopefully will get fixed at some point. I think the issue with international cards is also likely linked to online transaction 2FA policy. Some American banks don't implement 2FA and that's likely the reason they fail. I've never had a problem with my Singapore card.
- sfifs 7y ago> Only if you(and the person receiving) can afford a smart phone, and an internet connection The number of people in India who can likely exceeds adult population of the United States :-)
- taobility 7y agoUS is always No. 1
- mayankkaizen 7y agoThese days owning smartphone isn't a big Deal. You can see lots of rikshaw puller, day labour, tea vendors, shop workers using smartphone. Jio data plans also played the important role in it. Actually the way I see it, tech illiteracy is a big hurdle. A lot of people don't use smartphone because learning to operate it is too much for them.
- kamaal 7y agoNo, owning a smart phone is still a big deal. Cheap data plans are because the richest man in India subsidized them by taking a loan he will never repay, and likely get a tax payer bailout. Any usable smart phone is still expensive. Most people on the streets don't have chargers, or stations. If it rains they can't keep buying a new one every day. Even more than that electronic money is still a far cry. You first need to have money.