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The UPI daily transaction limit is INR 100,000 (~USD 1332). > say $10 still tends to be card-based. What's your source for this info? People here don't use ca
by programmer_dude 5y ago
The UPI daily transaction limit is INR 100,000 (~USD 1332).
> say $10 still tends to be card-based.
What's your source for this info? People here don't use cards if they don't have to. It's a payment mode of last resort. Credit cards do not provide fraud protection here, so there is no point in using it.
- ErrantX 5y agoVarious news articles was my source. But re-reviewing a lot were from 2020. I found a source from July that says AVG transactions are now up to around $20 equiv. And the total transaction value is above card transactions now. Although the volume of transactions is 10x which is indicative. My understanding is India is a very cash-based culture? So the idea of UPI replacing that seemed uncontentious? Looks like there are 3/4 Billion dollars worth of card transactions each month though, so that's not insignificant. I wonder how much bigger the cash culture is in value, I'd assume quite large.
- programmer_dude 5y ago> India is a very cash-based culture? This is correct. This leads to a lot of black money floating in the market. I am not sure what's the volume of cash transactions though.