5 ms·
India has no need for Libra, the government owned payment gateway allows for zero transaction fee, instantaneous payments and transfers. BHIM is a consumer wall
by writepub 7y ago
India has no need for Libra, the government owned payment gateway allows for zero transaction fee, instantaneous payments and transfers. BHIM is a consumer wallet/app launched and maintained by the government for the same
- gridlockd 7y agoPerhaps, but can Indian expats also send money to India via this gateway? Can you use it to order something online from another country? What about the relative weakness of the Rupee vs a mix of reserve currencies? Libra still makes sense as an "international" currency, even if it doesn't make sense nationally.
- umeshunni 7y ago> can Indian expats also send money to India via this gateway? Not yet, but I've heard that this is in the works. The hardest part of trying to use UPI right now as an Indian expat is that you need an Indian phone number and your bank account should be linked to it.
- slaymaker1907 7y agoYou are vastly overestimating the sophistication of the US banking system. Integrating with it is incredibly difficult since so many steps rely heavily on trust between parties. For example, information sufficient for direct depositing into someone’s account is sufficient for direct depositing OUT of said account as well.