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The scale of UPI payments is unprecedented. Perhaps the best payment system in the world by far. My friends who come from US are always awe struck by the perv
by sidcool 3y ago
The scale of UPI payments is unprecedented. Perhaps the best payment system in the world by far. My friends who come from US are always awe struck by the pervasiveness and easy of use of UPI payments. They want it so bad in the West!
- yftsui 3y agoProbably not everyone, I hate QR coded based payment systems but prefer Apple Pay, so the apps won’t have my camera access. Same applies when folks from China claiming Alipay or WeChat is the best payment system.
- lazyninja987 3y agousually people initiate transfer using 10 digit phone number. i really dont like QR codes too because most of the time either the QR code is not oriented for easy scanning or worn out and no longer scannable.
- ramraj07 3y agoI pay by upi multiple times a day and haven’t had a single instance of a bad QR code.
- gmerc 3y agoIt’s not just QR. Plenty of other modes of payment supported including Whatsapp and Google. The government aggressively manages the system to prevent any single company from getting too much weight and forces them to address scams or other system occurs in almost real time by the threat of being thrown off the rails.
- wtmt 3y ago> The government aggressively manages the system to prevent any single company from getting too much weight and forces them to address scams or other system occurs in almost real time by the threat of being thrown off the rails. It’s actually shocking that only a few years ago RBI was concerned about concentration risk of having NPCI (the platform operator of UPI) and invited proposals from banks and companies for NUE (New Umbrella Entity) licenses. Then something changed and it canceled all those proposals. NPCI has a monopoly on instant fund transfers (leaving aside the RBI run RTGS). NPCI wants to limit concentration risk among its clients by trying to push for lower market share among competitors within its platform, like Google Pay or WhatsApp Pay. As for scams, there are plenty of them on UPI every single day, and there’s no way to get any fraudulently transferred funds back without filing a police complaint and waiting for them to do their jobs (and greasing their palms depending on the amount for the job to be done).
- notsahil 3y agoUPI isn't QR based it you can also use UPI ID, which is like email. For eg: example@provider And most UPI are linked with phone number, so you can also pay via phone number if UPI is linked with it.
- kmlx 3y agophone numbers aren’t secure at all thou.
- chupchap 3y agoHow so?
- kmlx 3y agohttps://eu.usatoday.com/story/opinion/2018/07/27/cell-phone-number-more-important-less-secure-twitter-password-column/820232002/ https://eu.usatoday.com/story/opinion/2018/07/27/cell-phone-... it's literally one of the least secure things you can have.
- chupchap 3y agoUPI doesn't just work based on phone number. Phone number is just the username equivalent in this context. You still need to put in a pin.
- perryizgr8 3y agoThe problem with apple pay is that it is inaccessible to 80% of the population.
- ztrww 3y agoApple Pay (unless you use it to pay online) is just wallet app for debit/credit cards, Android has the same thing. I guess in Europe there is just much less demand for systems like this because NFC terminals are you ubiquitous.
- sateesh 3y agoJust curious, why you hate QR code system ?
- toomuchtodo 3y agoUS FedNow instant payments are live, just going to take some time to ramp volume.
- egghese 3y agoUPI is an impressive system, I use it often and it is quite empowering for billions of Indians. But calling it the "best payment system in the world"! And west wants it so bad sounds like blind exaggerations. United States is not the only western country. Scandinavian countries has Swish (2012), Vipps (2013), and Mobile pay (2015), Canada has Interac.
- ramraj07 3y agoOthers have the system but is it as good and seamless as the Indian one?
- RandomLensman 3y agoDepends on what you mean. Instant transfers up to €100k work in Europe's SEPA (and you can indeed use a QR to encode the transfer information with most bank apps, I think). And there is of course the usual contact-less payment stuff at merchants.
- isbvhodnvemrwvn 3y agoThat's still not as easy as app payments. There are a number of systems like BLIK in Poland where you have a lower max payment amount, but you just give somebody a temporary 6 digit number and approve the amount they withdraw, that's it. For trusted payment channels you just approve. If you initiate the payment, just give phone number of recipient.
- RandomLensman 3y agoAgreed, but I think for places with a mature payments and debit infrastructure there isn't that much additional business and I suspect most banks' apps will just incorporate that like they do with NFC payments. Most growth in payments is either new markets or markets that grow a lot, but not completion of rather mature markets (and additional services).
- 3y ago
- whizzter 3y agoDon't confuse the check wielding Americans for the "west", for example Sweden/Norway/Finland has similar systems named Swish/Vipps/MobilePay (Phone number based with scannable QR codes,etc) that's taken over between people and smaller merchants (even young people organizing raves use Swish payments on-site despite it being potentially traceable) and the banks/companies involved in those services are now in the process of building cross-national support that probably will let other countries join soon. I think the main takeaway is that phones and capable app ecosystems was a "hidden" disruption enabler vis-a-vis the traditional credit card processing companies that various actors in various countries has taken advantage of now, the big question is if/when they will make this internationally interoperable (considering the trouble foreigners in Sweden has with being excluded from these "easy" payments that at best requires a card or at worst cash it's an area that needs fixing).
- chillbill 3y agoOh swish is traceable and actively monitored. A few college friends of mine were organizing a party and they all chipped in a 100 kr to one guy (about 25 individuals) who got a call the next day from his bank for suspicious activity.
- whizzter 3y agoInteresting to hear, I've heard of Swish has been a bit on edge trying to upsell people on merchant accounts and I wouldn't be surprised if some of these reports go to the tax office. Still for those involved they wouldn't probably care too much as long as there isn't real-time reporting to the police to get events shut down (although with laxer laws in that area that'll probably fade as an concern).
- sureglymop 3y agoThere is a similar thing in Switzerland called "Twint".
- dotnet00 3y ago"Check wielding Americans"? Haven't needed my checkbook in many years now, almost everywhere has tap-to-pay and the rare place which doesn't has a chip reader.
- n_ary 3y agoNot sure about US, here in Germany, I really love the tap-pay(NFC based) usually everywhere(except some random kebab shops). It simply works regardless of me having an Android/iPhone or simply just a the nfc enabled card. I don’t need to open another account, fumble with one-more-app or anything. Also apple-pay appears to mask my CC/DC number as well, so better safety. I want it everywhere badly in west as well as east and middle(-east). I am familiar with UPI and few similar things in other neighbouring countries(looks like every SEA country has its own entirely different version of it and some country has almost 4-6 competing copy-cats!).
- user_7832 3y agoI’m sure your nfc card/phone works great in Germany but it’s worth noting that part of the reason is that your card is likely Mastercard/visa. Here in the Netherlands tap and pay is also seamless with maestro cards… but the moment you try to use it internationally, POS machines reject it (“out of network” or something). If you have a diner’s card or an American Express card you might notice how many terminals/pos’es reject those as well.
- kmlx 3y agonetherlands has always been an outlier when it comes to card payments.
- kmlx 3y ago> They want it so bad in the West! i don’t think so. in the UK NFC payments via the phone’s wallet are ubiquitous.
- Indian_in_US 3y agoI‘m Indian living in US. I would rather prefer NFC solution like credit card attached to Apple Pay over UPI. Once you use NFC with Apple Pay you are not going back to UPI. Plus credit card comes with fraud protection and credit card points that I can use for more travel.