3 ms·

India has had UPI since 2016 now and recently overtook Visa and Mastercards global transaction volume with 650 million transactions per day [1]. These payment p

India has had UPI since 2016 now and recently overtook Visa and Mastercards global transaction volume with 650 million transactions per day [1]. These payment processors seem to be basically levying a 1-3% tax on a nations entire GDP and enforcing their own ideas of what transactions should or shouldn't be allowed. With UPI and Pix etc. paving the way and showing its possible, it actually sounds insane to give so much money and power to some private company that provides a worse product, for nation-critical infrastructure. [1] https://organiser.org/2025/07/22/304055/bharat/a-fintech-revolution-rooted-in-inclusion-how-indian-upi-is-now-the-worlds-most-used-digital-payment-system/ https://organiser.org/2025/07/22/304055/bharat/a-fintech-rev...

akvadrako 1y ago
The fees are capped at 0.3% in EU and most countries have their own systems that are more popular. The reason the credit card monopolies exist is they work globally.
- demaga 1y ago
  But vast majority of people make most their transactions domestically. Why cater for the minority? Also, both can exist.
  - malthaus 1y ago
    the vast majority of people doesn't care about payment technology/channels, they just want it to be convenient and work and not having to context shift between "if i pay on vacation i need to use this card, if i pay this guy i need to use this app, etc"
FlyingSnake 1y ago
India also has the RuPay system which is a direct competitor to Visa/Mastercard and it has long overtaken Visa as the top provider. It’s also available in many global markets like SEA, GCC and others.
- vee-kay 1y ago
  Fun fact: UAE's "Jaywan" cards (currently Debit Cards only) is UAE initiative to replace Visa, Mastercards, etc., and Jaywan itself is based on India's NCPI org's technology stack used for RuPay. So Jaywan is RuPay tech implemented in UAE! Other countries are following suit as NCPI has taken extraordinary efforts to make this technology stack versatile, scalable, interoperable, robust, resilient and easy to implement and customize. So India is becoming the world leader in digital payments!
crossroadsguy 1y ago
First things first — this is correct. As a matter of fact, the Brazillian Pix - which gets much more “eyeballs” on places like HN, are much newer than UPI and UPI was one of the inspirations, if I may say so, behind it; and it dwarves in scale. Not to mention UPI is designed to be decentralised (almost decentralised). Fair warning (pc, please know that I am not targeting you) about the URL pc has shared - it’s literally the mouthpiece of India’s ultra right mothership org (it’s literally called that - mother org - RSS) which is affiliated with BJP (in fact practically BJP, the authoritarian ruling party, is a branch/child of this org). And they are known for omitting and distorting history and context. Here you go - some alt sources - https://en.wikipedia.org/wiki/Unified_Payments_Interface https://en.wikipedia.org/wiki/Unified_Payments_Interface But UPI is a product - real deal comes from here https://en.m.wikipedia.org/wiki/National_Payments_Corporation_of_India https://en.m.wikipedia.org/wiki/National_Payments_Corporatio... These sources and alt sources also will highlight the history and thinking behind all this. Like or dislike this Govt (tbh: I clearly fall in latter bracket) but I think payments is one arena (among many) where India is going really great and there many great things lined up. Luckily India is in a position right now to deliver a loud and unequivocal “F— You” to efforts from entities like MC/Visa when they try to assert their “birthright” of monopolising the world.
- gsky 1y ago
  This is disgusting. Calling the biggest democratic party as authoritarian is nothing but disgusting. Why do you people think you and your opinions are better than majority?
  - hdgvhicv 1y ago
    https://www.internationalaffairs.org.au/australianoutlook/increasing-authoritarianism-in-india-under-narendra-modi/ https://www.internationalaffairs.org.au/australianoutlook/in... https://thediplomat.com/2025/04/modis-india-is-a-dangerous-place-for-standup-comedians/ https://thediplomat.com/2025/04/modis-india-is-a-dangerous-p... https://theprint.in/opinion/authoritarian-streak-among-indians-on-the-rise-and-its-helping-bjps-hard-right-turn/335467/ https://theprint.in/opinion/authoritarian-streak-among-india... https://www.lemonde.fr/en/international/article/2024/07/04/modi-pursues-authoritarian-policies-in-india-despite-harsh-criticism-from-own-camp_6676641_4.html https://www.lemonde.fr/en/international/article/2024/07/04/m... https://www.sciencedirect.com/science/article/abs/pii/S0016718521000634 https://www.sciencedirect.com/science/article/abs/pii/S00167... This isn’t a fringe view or “disgusting”
leg100 1y ago
> These payment processors seem to be basically levying a 1-3% tax on a nations entire GDP You're exaggerating for effect. GDP is the total value of all goods and services sold or bought; only a fraction of which is paid for with a credit card. I doubt an F35 is purchased with a Visa.
- Hilift 1y ago
  > These payment processors seem to be basically levying a 1-3% tax for the convenience of using their service, and we are willingly paying it. Fixed.

akvadrako 1y ago

The fees are capped at 0.3% in EU and most countries have their own systems that are more popular. The reason the credit card monopolies exist is they work globally.

demaga 1y ago
But vast majority of people make most their transactions domestically. Why cater for the minority? Also, both can exist.
- malthaus 1y ago
  the vast majority of people doesn't care about payment technology/channels, they just want it to be convenient and work and not having to context shift between "if i pay on vacation i need to use this card, if i pay this guy i need to use this app, etc"

FlyingSnake 1y ago

India also has the RuPay system which is a direct competitor to Visa/Mastercard and it has long overtaken Visa as the top provider. It’s also available in many global markets like SEA, GCC and others.

vee-kay 1y ago
Fun fact: UAE's "Jaywan" cards (currently Debit Cards only) is UAE initiative to replace Visa, Mastercards, etc., and Jaywan itself is based on India's NCPI org's technology stack used for RuPay. So Jaywan is RuPay tech implemented in UAE! Other countries are following suit as NCPI has taken extraordinary efforts to make this technology stack versatile, scalable, interoperable, robust, resilient and easy to implement and customize. So India is becoming the world leader in digital payments!

crossroadsguy 1y ago

First things first — this is correct. As a matter of fact, the Brazillian Pix - which gets much more “eyeballs” on places like HN, are much newer than UPI and UPI was one of the inspirations, if I may say so, behind it; and it dwarves in scale. Not to mention UPI is designed to be decentralised (almost decentralised). Fair warning (pc, please know that I am not targeting you) about the URL pc has shared - it’s literally the mouthpiece of India’s ultra right mothership org (it’s literally called that - mother org - RSS) which is affiliated with BJP (in fact practically BJP, the authoritarian ruling party, is a branch/child of this org). And they are known for omitting and distorting history and context. Here you go - some alt sources - https://en.wikipedia.org/wiki/Unified_Payments_Interface https://en.wikipedia.org/wiki/Unified_Payments_Interface But UPI is a product - real deal comes from here https://en.m.wikipedia.org/wiki/National_Payments_Corporation_of_India https://en.m.wikipedia.org/wiki/National_Payments_Corporatio... These sources and alt sources also will highlight the history and thinking behind all this. Like or dislike this Govt (tbh: I clearly fall in latter bracket) but I think payments is one arena (among many) where India is going really great and there many great things lined up. Luckily India is in a position right now to deliver a loud and unequivocal “F— You” to efforts from entities like MC/Visa when they try to assert their “birthright” of monopolising the world.

gsky 1y ago
This is disgusting. Calling the biggest democratic party as authoritarian is nothing but disgusting. Why do you people think you and your opinions are better than majority?
- hdgvhicv 1y ago
  https://www.internationalaffairs.org.au/australianoutlook/increasing-authoritarianism-in-india-under-narendra-modi/ https://www.internationalaffairs.org.au/australianoutlook/in... https://thediplomat.com/2025/04/modis-india-is-a-dangerous-place-for-standup-comedians/ https://thediplomat.com/2025/04/modis-india-is-a-dangerous-p... https://theprint.in/opinion/authoritarian-streak-among-indians-on-the-rise-and-its-helping-bjps-hard-right-turn/335467/ https://theprint.in/opinion/authoritarian-streak-among-india... https://www.lemonde.fr/en/international/article/2024/07/04/modi-pursues-authoritarian-policies-in-india-despite-harsh-criticism-from-own-camp_6676641_4.html https://www.lemonde.fr/en/international/article/2024/07/04/m... https://www.sciencedirect.com/science/article/abs/pii/S0016718521000634 https://www.sciencedirect.com/science/article/abs/pii/S00167... This isn’t a fringe view or “disgusting”

leg100 1y ago

> These payment processors seem to be basically levying a 1-3% tax on a nations entire GDP You're exaggerating for effect. GDP is the total value of all goods and services sold or bought; only a fraction of which is paid for with a credit card. I doubt an F35 is purchased with a Visa.

Hilift 1y ago
> These payment processors seem to be basically levying a 1-3% tax for the convenience of using their service, and we are willingly paying it. Fixed.