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UPI in India works, in principle, like this. I use it to pay for anything from 10 cents to 1500 USD. Its awesome, free and has enabled a banking revolution in
by kumarvvr 3y ago
UPI in India works, in principle, like this.
I use it to pay for anything from 10 cents to 1500 USD.
Its awesome, free and has enabled a banking revolution in India.
Small vendors now prefer UPI to cash, as small change is a hassle.
In India, even beggars are using it.
- crooked-v 3y agoAlso, for more context, many, many daily transactions in India are in amounts under 1 USD. For obvious reasons this makes eating credit card fees deeply impractical for many businesses and entrepreneurs.
- kumarvvr 3y agoYup. An average Chai (Tea) costs about 30 cents. A Samosa costs about 15 cents Most street foods cost under 50 cents. Water bottles cost about 35 cents. I strongly believe that every government should provide this sort of inter-bank and intra-bank transaction services as a public utility, for free. The benefits of UPI cannot be overstated. We also have UPI lite now. We can add about 20 USD to a UPI Lite account. Maximum transaction value is 2 USD. Daily transaction limit is 20 USD and the advantage of UPI Lite is that once you load your account with the money, the transaction completed without bank intervention, meaning lower chance of failure. Also, it does not need authentication (apart from your phone security). I have been using this only recently and its an even more hassle free method of paying for almost 95% of my daily spends. Now I don't have to enter the UPI PIN to authorize a transaction. Its a great way to give pocket money to kids.