5 ms·

The way I understand the article, the banks ain't making $64B from free cashless payments but from other services like non-free cashless payments, loans etc.

• toomuchtodo 3y ago
  Correct. The free payments are a utility offering as part of UPI, banks get to upsell other services. https://en.wikipedia.org/wiki/Unified_Payments_Interface https://en.wikipedia.org/wiki/Unified_Payments_Interface https://news.ycombinator.com/item?id=37367855 https://news.ycombinator.com/item?id=37367855 ("UPI Payments: 10B transactions a month done, next stop 100B") https://news.ycombinator.com/item?id=37368398 https://news.ycombinator.com/item?id=37368398 (Related dang macro expansion from id=37367855) https://news.ycombinator.com/item?id=37368202 https://news.ycombinator.com/item?id=37368202 (>50% monthly global Visa transactions)
  • deleted 3y ago
    [deleted]
• grotorea 3y ago
  From what I got from the article the McKinsey survey, this is the actual revenues from transactions fees including but not limited to UPI. Not the adjacent revenues. > Even with a free public utility, India’s payment revenue swelled last year to $64 billion, behind only China, the U.S. and Brazil, and rivalling Japan, according to McKinsey & Co.’s latest global survey[0]. [0] https://www.mckinsey.com/industries/financial-services/our-insights/the-2023-mckinsey-global-payments-report https://www.mckinsey.com/industries/financial-services/our-i...
• ultimoo 3y ago
  The article is poorly written to support a clickbait headline. I found it hard to follow.