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In India, the duopoly is already broken by UPI (Universal Payments Interface). UPI provides zero-cost transfers and mobile payments between linked bank accounts
by msravi 4y ago
In India, the duopoly is already broken by UPI (Universal Payments Interface). UPI provides zero-cost transfers and mobile payments between linked bank accounts and every little streetcorner store and sidewalk vendor accepts UPI payments. Also 2FA using SMS is required and enabled by default.
You can pay by scanning a QR-code, or a mobile number, or a UPI ID. There's also an effort to allow "scanning" an audio-signal to enable non-smartphone devices.
- cuteboy19 4y agoIt's actually broken by RuPay cards (Rupee+Pay not Russia+Pay) which is a direct alternative to visa/MasterCard. It has like 30% market share already. Few years back the central bank realised that depending on a foreign company for such a basic thing might not be the best idea. And they were proven right with the Russia/SWIFT episode. Interestingly both Visa and MasterCard are currently lobbying (bribing) with the US government against RuPay
- crossroadsguy 4y agoTrue. RuPay is exploding in rural areas. I like the ideas. Competition is good. However I wish Govt fixed UPI glitches like as of now UPI doesn’t fail/succeed decisively at the time of payment attempt (this often causes huge inconvenience and sometimes monetary losses) and they must bring chargeback option to UPI.