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Not nearly as convenient. Do you use Interac to pay for a $1.50 coffee regularly straight from your phone? Send money to a friend without needing to exchange em
by _xnmw 3y ago
Not nearly as convenient. Do you use Interac to pay for a $1.50 coffee regularly straight from your phone? Send money to a friend without needing to exchange emails/phone/passwords? Be completely fee-less no matter what bank you use? Not require "acceptance" on the other end? Be notified and require approval before a merchant can debit your account? From what I understand, UPI has all of these things and Interac does not.
- eldaisfish 3y agoUPI is not free and people should really stop parroting that talking point. It is free, FOR NOW. There are plans in place to charge a 1.1% fee for transactions to merchants. The indian government claims that there will be savings via banks handling less cash but it provided exactly zero in the way of calculations, estimates or data. In 2022, the indian digital payment industry expected a net loss of around 60 million USD.
- fishyguy 3y agoUPI is absolutely free. If and when it's charged then then you can say it's not free. Until then people should stop parroting lies. Really what a stupid statement!.
- eldaisfish 3y agoUPI is already not free as of 01 April 2023 for merchant transactions above Rs 2,000. Please, don't lie about easily verifiable facts.