wtmt

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61.
by wtmt 3y ago
No, a custom UPI ID won’t save you from your phone number being shared with merchants. [1] UPI payments also leak the person’s full legal name on transactions. Whether this is useful in merchant payments (not personal payments to known peop
62.
by 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 act
63.
by wtmt 3y ago
> UPI is directly connected to your bank account. It does not go through VISA, Mastercard or whatever. This is technically incorrect. UPI is connected to NPCI, which runs the platform and charges the participating banks for this service.
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by wtmt 3y ago
> EDIT: also sounds like Swish charges a fee to the banks? Sounds a bit outrageous for a payment system trying to be the best in the world to charge a fee. FWIW, NPCI charges all banks for UPI too. They’ve been eating most of those costs
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by wtmt 3y ago
For UPI, which is created and run by NPCI (an organization comprising a consortium of private and public banks), there is an “official” app called BHIM (Bharat Interface for Money). Anyone who has it doesn’t have to worry if the other perso
66.
by wtmt 3y ago
While I agree with many of your points, in this context, UPI is just a money transfer platform. It’s not currency or a currency equivalent of any sort. There is a CBDC (Central Bank Digital Currency) in a pilot phase in India since last yea
67.
by wtmt 3y ago
> UPI requires bank account but you need UPI id to transfer the fund. UPI requires a bank account, a mobile phone number linked to the bank account and a smartphone to transfer funds for anything other than a trivially small payment (tin
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by wtmt 3y ago
> Almost each and every concern is applicable to VISA/Mastercard system too. Not really, when you make a payment using credit or debit cards, your name doesn’t go to the merchant (and doesn’t have to, since you can enter any name on
69.
by wtmt 3y ago
I couldn’t have said this better! Thanks for the detailed comment with drawbacks and criticisms.
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by wtmt 3y ago
This is why banks have never been happy with UPI because their costs to support aren’t fully recovered and it’s a drain. They’ve supported it mainly because of the government pushing them to. MDR (the charges the merchants pay) started comi
71.
by wtmt 3y ago
Does your “Asia Pacific” presence include countries like India? As others have pointed out, it’s better to read that article “Falsehoods programmers believe about names” [1] and then figure out how you’d like to deal with it. Looking at “Fa
72.
by wtmt 3y ago
The caste system in India is layered like onions. The author says he was born as OBC (Other Backward Classes), but that's not the lowest in the overall scheme. SC (Scheduled Castes) are considered lower in the hierarchy. ST (Scheduled
73.
by wtmt 3y ago
This is a bit off topic for the post, but relevant for some of the comments here. For those who are commenting about payment systems in India and comparing this to UPI (Unified Payments Interface), this is not like UPI in a few ways. Firstl
74.
by wtmt 3y ago
The government could issue money that can be tied to a specific purpose (allowed to be spent with specific merchants or establishments) and have a time limit. Think of the COVID-19 assistance that was given to people. If — instead of just t
75.
by wtmt 3y ago
Dupe: https://news.ycombinator.com/item?id=36137261 That was posted earlier than this and has more comments.
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by wtmt 4y ago
A few comments and advice on investing in India. The target audience for this would know this, but it's useful to be reminded. INR (Indian Rupee) depreciates on average about 4% each year against USD (US Dollar). When you look at the g
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by wtmt 4y ago
Lots of disturbing things in the report, but I’d like to highlight a slight parallel elsewhere in the hopes that people can see where this could be headed if it’s allowed to proceed without opposition — India and its deeply flawed Aadhaar s
78.
by wtmt 4y ago
> 4. Reserve Bank of India creating a CDBC enabled savings account program to allow citizens to hold money without intermediary banks. It won’t be a savings account program in the sense of earning any interest. The Reserve Bank of India
79.
by wtmt 4y ago
> The goal was to understand how much cash remained in the system, and to move away from a cash-based economy. This is absolutely rewriting history. The stated goal at that time was “to remove black money”. The Reserve Bank of India know
80.
by wtmt 4y ago
I don’t see the need for a retail CBDC in India right now. India already has a TCS (tax collected at source) for outward remittances beyond Rs 700,000 in a financial year. This is a tax that’s collected first and refunded or adjusted later.
81.
by wtmt 4y ago
> We currently offer Mozilla VPN in Austria, Belgium, Canada, Finland, France, Germany, Ireland, Italy, Malaysia, the Netherlands, New Zealand, Singapore, Spain, Sweden, Switzerland, the UK, and the US. This list really needs to expand a
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by wtmt 4y ago
> I doubt anything will ever change under Tim Cook. Maybe some day Scott Forstall will return in Jobs-like fashion and correct the company's course. I really disliked Scott Forstall being fired from Apple, and have felt that he coul
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by wtmt 4y ago
Many people wouldn’t see an issue until they’re either personally affected or are the kind to look at privacy and freedoms deeply. The question for you is whether the government has a need or the right to know every penny (or whatever fract
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by wtmt 4y ago
Off topic: I can’t read this article because it’s behind a paywall. I’m not bothered much by paywalls and paid articles, but FT seems to be quite expensive. It doesn’t have any currency related adjustments or discounts either. So I’m curiou
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by wtmt 4y ago
The modem is less than a year old. But airtel doesn’t give an IPv6 address. This is in one of the major cities where one would expect technology to be advanced.
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by wtmt 4y ago
NPCI, the organization operating UPI, is owned by public and private banks. It is approved by the Reserve Bank of India (RBI) and is marketed by the government. About two years ago, RBI had concerns about NPCI having a monopoly and wanted m
87.
by wtmt 4y ago
UPI is not a money holding account by itself. It’s an identifier for your bank account. You can have multiple identifiers for the same bank account (like email aliases pointing to one mailbox). UPI is primarily available on smartphones thro
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by wtmt 4y ago
FWIW, airtel broadband, one of the largest (or the largest?) fixed line broadband providers, doesn’t offer IPv6 for all customers. It seems like mobile broadband from even a lower ranking provider (like Vi) does offer it. I doubt if all ISP
89.
by wtmt 4y ago
> intuitive because it has an actual file-system I disagree with this. Most non-tech people don’t know or care about file systems. As long as they have the sharing options they need and find them easier to use, they’re satisfied. FWIW, i
90.
by wtmt 4y ago
At least from the Indian experience, I’d wager that tons of iPhones from the US find their way into other countries because it’s way cheaper to get it from there than pay local prices that may include higher customs duties, higher (than US)

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