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Those aren’t clearing houses, those are fintech services built on top of clearing houses. They still rely on credit card duopoly or ACH reconciliation between b
by reactordev 1y ago
Those aren’t clearing houses, those are fintech services built on top of clearing houses. They still rely on credit card duopoly or ACH reconciliation between banking institutions. Don’t kid yourself.
- dartharva 1y agoNot at all, UPI is literally just a platform for direct mobile bank-to-bank payments. No credit cards or duopolies involved, just a public-sector behemoth.
- reactordev 1y agoUPI is just fast ACH. It’s still built on top of IMPS, which is regulated by RBI. India’s version of US Treasury. A more mobile and grass roots version of Plaid. All it takes is for RBI to say “This kind of content isn’t allowed” and you’d have the same effect. Here in the US, we didn’t build an IMPS like system until way too late in the game.
- imtringued 1y agoYou wouldn't, because the business model and the incentives are different. If anything, free chargebacks make consumers careless and turn them into freeloaders.