As an Indian, i just accepted UPI as a natural course of things. Your video puts it into perspective and makes me appreciate the genius of this system. Thank you
As an Indian currently living in Canada for over 3 years, I can say that UPI is far superior compared to any of the payment methods offered in Canada. I feel very very proud of UPI.
@@mango-strawberry you should be fine with Cold here. It is bit of an issue for couple of month but after that, you will know what to do to keep your life normal. Canada is a very beautiful country, and cold should not be an excuse that stops you from visiting this country.
@hypertechcoffee it gets complicated for in-person transfer and there is always a charge at merchant account. Also, there is a security question and answer where you need to think about setting something less-childish. Sharing answers and the other party enter password is also time consuming. Plus there is a $1000 default limit on interac. There is also not guaranteed transfer to bank, you need to click on email which can possibly be forwarded to anyone and deposited money to any account.
UPI transactions are available in 7 Counties so far, India, Bhutan, Nepal, Malaysia, Singapore, United Arab Emirates and France by cross border payment agreements.
@@jimmie3232 it will take time to implement it in france and Malaysia... As it is just recently announced... Their local Banks will take time to align and upgrade their systems and etc
Cashless economy is the most radical change I've witnessed in India i still remember "geniuses" arguing most Indians don't have bank account, small scale vendor's would be wiped but now even the smallest of shop's accepts UPI payment it's incredible how we've transformed.
The government and all institutions involved played a masterclass tbh lol I remember the government also launched this scheme or policy which had people from very lower income bracket making bank accounts right before launching UPI and stuff
@@rajatmond uh definitely not, UPI is accepted even at small shops in small towns in WB. Only a few shopkeepers I've seen refuse to allow UPI for payments below 100
UPI is a behemoth. It has giants like Mastercard and Visa scrambling for relevance, even going so far as lodging formal complaints against it. Furthermore, India just signed a MoU with France to accept UPI as a payment service. UPI is already available in Bhutan, UAE, Singapore. It is truly one of the best policies ever implemented on the nationwide scale.
UPI is available in 7 countries including India. India is also giving more importance to get MoUs signed with atleast 50 countries within 2025 and planning to replace SWIFT with UPI.
Hopefully. Mastercard and Visa will eventually be completely irrelevant. After what they've done to so many people over politics. They all deserve to go bankrupt.
UPI has literally transformed Indian society fundamentally, its like skipping the credit/debit card generation and directly leading to a well crafted digital payment which can be used anywhere, anytime. I am among those who are very conscious about privacy, fintech etc but after resisting myself for many years since the UPI was launched, I reluctantly used it during the covid lockdowns and never looked back, it saves so much time and I never had any stuck payments or glitches. This tech should be owned and operated by democratic states all across the world.
@@alexandrep4913 Obviously not specifically UPI, but every democratic government should have their version of UPI. Since this is like printing money, it shouldn't be left to private companies as it can be dangerous.
Once you start using UPI service there is absolutely no going back. Absolutely brilliant service. The people behind the service should get noble prize for economics.
But the UPI payment can be blocked by the service provider... How is that good? Knowing that you can be expelled from the UPI system if the authorities deemed you un deserving. UPI is good as a temporary solution... We need decentralised payment processing tech in the long run.
@@abi.hockeycop India has a robust judicial system. Authorities cannot arbitrarily exclude you from the service. Whether there should be centralised system or decentralised system than the video itself provides answer for your question - see the example of US it has a decentralised system. So I think UPI is a wonderful system. In fact it is the single most important thing after deregulation according to me.
@@itshawkeye9129 Truckers protest in Canada... Government blocked nearly one million bank accounts of their own citizens... & West is the most liberal & democratic... What makes you think that it can't happen in India? You're not thinking critically.
This video misses out a lot of things like. 1. Offline UPI transaction (ussd code based transactions) 2. Aadhar enabled payment system which allows even the least tech savvy person to withdraw money from local shops. 3. NPCI's plans for taking a small royalty fees from payment aggregator apps and banks because these apps are making huge profits thanks to UPI. Latest reports indicating that government might not remove MDR and keep making losses by making up for those losses by printing less money, reducing the money spent on other digital and semi digital services like ATM machines,debit cards transactions etc. 4. Ongoing talks about bringing credit card's facilities into the UPI. 5. Pilot project of using UPI at atms to transact money
I'm curious. Are USSD-based offline transactions also included as a feature in your mobile payment apps? What I mean is, do most apps still need an Internet connections to proceed with simple transactions? Here in my country, the leading digital payment processor do support USSD-based transactions but hardly anyone uses or even knows about it. The clunky experience without an app creates unnecessary friction wherein it's faster and simpler to transact with physical cash when Internet connection is not readily available.
@@unhash631 to facilitate upi transaction, you just enter the ussd code from your registered mobile number and then enter your payment receivers mobile number and then the amount after that you enter your mpin/ password and vola you have made your payment. This allows UPI payments by simple feature phones. Although it's a bit rough compared to UPI apps I am curious what payment system do you use. Although due to high quality mobile internet and feature phones getting replaced by smartphones very few people use this ussd based system, but still this system comes in handy. I for example have used this system multiple times.
@@Parrot3054 I see. So it's the same clunky experience with us. I actually thought your USSD system became a huge factor for citizens to switch to digital payments. Is data really that cheap that most people in India always have a mobile Internet connection? Here, a lot of people are hesitant to fully transact digitally because mobile Internet is quite pricey. Nobody would subscribe to a mobile Internet promo just to pay when you already have cash on hand.
UPI is life changing. Believe me when I say that, no cash no major extra processing fees like cards and it doesn’t cost anything to set up for users so even small fruit vendors have these things now.
As an Indian who lived in USA and currently in Canada I can appreciate the ease of UPI.. Have used both Zelle and Interac, but zelle is not there with every bank, and interac still needs a password to be shared for first time..
@@shawa666 faster wins always no matter how secure or good quality it is but this cannot beat fast & efficient system. That's how Chinese are beating the world in every sector.
WhatsApp payment system was delayed due to the fact that Facebook/Meta was not willing to set up local offices and store data locally within India as mandated by RBI - Indian central bank. UPI also sets the stage for digital Rupee - which will be a game changer in finance
Advantages of zero MDR for small transaction has led to small transaction in change being paid almost entirely by UPI in atleast cities in India. Removes the hassle of carrying cash and finding change always.
Plus UPI should never been seen as a profit making operation rather a fundamental national infrastructure that is funded by taxpayers and keep the 0 MDR permanently
Last year I migrated to UK from India. Here everyone uses contactless cards for payments. I feel like I have came back in time 😂😂. Keep in mind that many western news agencies thinks that UK is world leader in Fintech but I think they haven't researched much into India and China's world class QR based payment system.
I still confuse between imps, rtgs, neft as I have rarely used them. I can guarantee that those will surely be bothersome to young generation as we don't need to use them for transaction less than 1 lakh
Living in New Delhi/Noida. Last time I used cash for daily use was 2 months ago when I had to pay a rickshaw 10 rupees. UPI is the best thing that happened to us Indians.
When the BJP government decided to 'digitalize' the Indian economy by 2019, many of its opposition leaders, notably the Congress MP P. Chidambaran (who had been previously arrested in a corruption scandal) ridiculed the initiative by asking the government how they intended to introduce a digital payment system to poor farmers and street vendors. 3 years later. Lo and Behold! Now nearly every small-time business owner such as a Pharmacist, and even Rickshaw and Cab drivers do online transactions through UPI. The transactions are smooth and affected only by network malfunctions.
Huge learning for all of us. Just because some facts appears true (what mp said) does not mean it the complete truth. Many other factors (pm encouraging more people open Bank accounts) and hidden agendas (people who will get negatively affected due to a transparent system) are in play. So we should always look at the larger picture. Hope Shri. Modi will continue to help us understand by showing us these things are possible (UPI).
When the idea of UPI was put forward in the Indian parliament in 2016 by the ruling party the opposing party made fun of it. They said that Indians are illiterate, dumb people who won't be able to use it, they also said that Indian infrastructure wouldn't be able to handle it (they were the ruling party for nearly 6 decades since Indian independence in 1947). There were articles in the times magazine, new York Times, Washington Post etc, making fun of UPI (in the same way which they made fun of Indian space program). The main contributors of the success of UPI are: 1. The ruling party (BJP) 2. Network service provider JIO 3. The citizens of India
@@krushna4181 I agree. The opposition needs to introspect within. It will be good for democracy. In a democracy the monopoly of a single party isn't good.
You know what's more interesting? Even the so-called Tech-hub of the world, the Silicon Valley in the USA, has no real challenger to this UPI system. Actually, Google had been lobbying in US Congress to pass a bill to make a system like UPI. FYI, Google has tested this revolutionary UPI in India and successfully operates UPI based app Google Pay (formerly Google Tez). Had UPI been a private company, the valuation of UPI would have crossed $100 Billion (a hectocorn) and would have swept this whole world. I still don't get why old-school payment systems like PayPal or even Chime & Revolut are still valued so high.
@Potassium Syndicate India won't. It has never asserted itself in the past, and will never do in the future. There's huge insecurity amongst Indians, they aren't confident at all about themselves.
I think it wouldn't have worked as well without Central govt making 0 balance accounts a possibility. It takes a big hit on national budget but it allowed everyone to have a bank account, cutting middlemen in most welfare schemes who used to embezzle the money, most likely this saved government more money than they were spending compensating for embezzlement. And it allowed even poorest of folks to use UPI
The middlemen are still there. They have switched to prepaid service sort of setting. You pay them money and then they will give your names for those schemes. The middleman are your ward memebers, panchayat samiti members, i.e. anyone who gives the authentication that you are eligible for the benefits.
The middlemen are still there. They have switched to prepaid service sort of setting. You pay them money and then they will give your names for those schemes. The middleman are your ward memebers, panchayat samiti members, i.e. anyone who gives the authentication that you are eligible for the benefits.
No matter how much people cry over demonitization but it was the major reason why UPI came. It paved the way for it. Government intentionally reduced money in ATM and started printing less bank notes. This forced people to go toward online payments since they were not getting enough banknotes for their transactions and ATM running dry. It was all planned. there were problems with demonitization drive but it was important
Indeed it was a dangerous step but a necessary one, I thought it would affect BJP's vote bank and might loose next election but gladly people were smart and thought clearly for the betterment of the nation
Despite this according to some reports cash use transactions are at all time high and UPI has made no difference to the way scamsters/frauds operate. But for me it's been a blessing with no tension of carrying wallet.
@@vivekramachandran2103 I think you meant to say it was, yes cash transactions were even high after demonitization. But that did change and current reports should be different than what it was just few months or a year after that
@@vivekramachandran2103 Because government won't take action unless needed. Now with UPI everything is under surveillance so whenever govt wants to crack down on someone it will.
Covid was the major reason and not demonitization. Also, ofcourse people cried at that time. I mean even you would have cried if your mother or father died in that demonitization drive. The lockdown of more than 1 year is what caused people to shift to upi. Also, don't forget the fact that cash uses is also increased.
By Way of Deception Thou Shalt Do War... You've been named viper. I figure I ought to explain myself for the benefit of the uninitiated, this supposed Indian whom just like 99.999% of comments here simply loves and adores his UPI for some unknown reason has the Israeli Mossad logo as his pfp. Their motto is "By Way of Deception Thou Shalt Do War", keep that in mind as you read the post beside it. Why would an Indian on youtube adore a foreign intelligence service?
Wait for couple of years or so and see it's international transaction capabilities as well. The advantage it has over other similar services is that it's security features which cannot be hindered easily because it's directly Bank to bank and the inbetween system is not easy to crack
UPI is a wonder. It allowed anyone with a bank account and smartphone to send and receive money. And it is instant transfer. When I saw small vegetable vendors and shops with QR code, I was surprised and proud when I came from Dubai after a while. The progress was amazing. Almost made everyone to do cashless transaction..
In my opinion,UPI was the most revolutionary step taken for public interest after article 370 abrogation by the present BJP govt soon after the availability of cheap mobile internet connections....
I don't even keep a ₹10 note in my pocket and some of the elderly shopkeepers taunt me for that😂. Seriously. UPI is the best. As I said, I always make payments with UPI. Cash is like a burden accompanying me all the time.
Another benefit of upi is that now it is very easy to start an online business because you can easily recieve payment with your code. Even RU-vidrs in India are providing upi links instead of going through youtube payment that keeps 30%
Brazil implemented something similar as UPI called Pix 2 years ago, but it is way more integrated and simple, people and commerces widely addopted it surprisingly quickly (not to mention the rush that all banks, be traditional or digital did to get preference on peoples keys, sometimes even offering prizes) without any governamnental incentive or intervention, and yes, by standart Pix doesn't have any fee, independently of the bank or who's the benefetiary, I reccomend you taking a look or perhaps even making a video about it, also our banking system is quite modern and robust, there is a ton of apps that their main focus is credit card w/ a simple money account or superapps that even have store integrated within (and usually offers cashbacks for outside apps). I forgot to mention that cuz Pix was implemented by Brazil's Central Bank, there was no whining from banks about "oh no I'm not getting fees this is so wrong, hOW Im GoNNa SurViVe", mostly because digital banks came before and already didn't charged for the previous method of intrabank transfer (known as DOC and TED) like traditional banks did.
I was also thinking about Pix and its similarities with UPI. Here in Chile we still don't have something like that because direct bank transfers are immediate and free in the system (with some exceptions) and the state-owned bank BancoEstado has accounts for 13 of the 19 million inhabitants with CuentaRUT (debit account with Visa card), in which every account number is the same as the national identification number (RUN/RUT); which was literally a silver bullet when the pandemic hit the country and the government needed to disburse money to support both people and the economy. While we have some fintech apps that are trying to promote QR payments (Mach, Tenpo, Mercado Pago, Fpay, etc), almost all non-cash payments are either though debit/credit cards due to the large presence of the Transbank payment network (recently with new competition like Redelcom, Sumup, Getnet, etc) or direct bank transfers. Now this year the local Central Bank wants to reign over all this systems in two ways: Improve the immediate transfer system to make it safer, and the idea of a CBDC to try to facilitate small payments not covered with either bank transfers or card/QR payments.
It is well known in the industry that Pix is largely copied/ inspired by UPI only. Indians have a tendency to offer their best for free for the good of the world
The availability of UPI users down to remote areas anyone with a phone is crazy! You can pay even offline when internet is not working! Not only UPI, but credit cards surged after pandemic. People are availing all the benefits to a point the revenue model of banks and took a hit maintaining services such as lounge access at airports and thus cut down some. Even if other players vanish, UPI will stay! Also UPI is super easy to use just scan the code or enter ID and pay. Surely made life easier. For perspective, India has upwards of 1.4 billion people and it’s not easy to find a unified solution affecting such a large demography. They can easily make it profitable by just taking ₹10 monthly from everyone as an operating charges just like we have to pay annual maintenance charges for debit cards close to ₹150 yearly. No one will mind paying measly ₹10 per month!
Great video. Thailand has something similar called PromptPay based on mobile phone numbers which makes it easy to facilitate social commerce transactions. In just a few years it's become the largest payment platform here.
its diffrent, UPI enables to deduct or transfer money directly to your bank acc, prompt pay ask to transfer money to its wallet first then to who you want to give to
UPI in india is directly linked to bank account you can just need phone number to directly tranfer money to any account without any fees. It's so convenient it's been 3 years i have not seen a bank note.
It has really changed lives here. From running to banks for everything, to using time taking internet banking to transferring money in 4-5 secs, it has revolutionised cash scene.
@@sumitagarwalsmart Why? Why ask a complete stranger to stop doing something that doesn't hurt anybody and is harmless fun? More so when it isn't directed to you.
And UPI is free to use for consumers and merchants as of now, with a maintenance spending of around $ 200-250 million or around ₹ 2000 Crore per annum by Government of Bharat.
Woah, that's expensive. How come this is the cost of running a few shitty servers ? I am sure they are pocketing the remaining 199.5 mullion dollars and running this on total 500K $s as server cost !
I think you still missed a lot of the openness of UPI like if you have a bank account you already have a UPI Id you don't have to do anything it takes 5 minutes on your phone with no requirements to do it has a lot of things which I doubt are possible with other such networks like on bank can have multiple UPI IDs on many different apps and other such things.Plus you failed to cover UPI 2.0
Thanks for producing such an in-depth and resourceful video. It is interesting to learn the roots of UPI go as far back as 2005. One key aspect of UPI growth and acceptance is the phone linked QR code based quick payment acceptance that made life easier for merchants who otherwise would have to go through a lengthy registration process before being on boarded to a payment app.
For IMPS you only need the recipient account number and their bank IFSC code. There is a configurable cool down period on adding the recipient account. When I first used this system in 2012, it was pretty far ahead of what was available in the US. Bank account to bank account transactions in the US were pretty archaic at the time and not easy to set up.
i was 9yrs old in 2012, can you tell me why was it difficult to transfer money from one acc to other despite we had everything internet and advanced computers and all
@@oksowhat You can have all sorts of supercomputers at your disposal it doesn't matter. As long as banks don't adopt common standards and APIs, they won't be able communicate balances to enable the money transfer.
And also there will no transactions charges . It helps people to save a lot of money when shop keeper says that they have change for a particular product or sometimes if a product is 297 rupees most people just pay 300 rupees and don't care about those 3 rupees but with UPI u can pay the exact amount without the fear of the shopkeeper not having the required change.
It is good to see that developing economies are embracing fintech payments. I was always impressed by how China leapfrogged past the credit phase and straight into for all intensive purposes a cashless society. I’m curious how far into this India is at, in Indonesia this has been the direction for the last 5+ years and the advent of wechat like local super apps are daily drivers for many. It’s ironic that North America and Europe are still stuck with cheques
Hey guys, where is the data showing India’s digital transaction volume is higher than China’s? Best I could find was India’s 2021 digital payment volume over UPI was 22 billion transactions and 2022 is standing at 45 billion so maybe 90 billion by December 2022. China’s digital payment volume in 2018 was 532 billion transactions on mobile alone, granted that accounts for 80% of China’s transaction volume. India if following the data I could find will only be at transaction volume that is 16% of China’s 2018 volume. Please point me to the data you are basing your comments on as I would like to analyse this and get myself better acquainted with Indians growth.
UPI has allowed every capable (educated enough to use smartphone) to send money and even an illiterate to receive money without much hassle and zero fees. So as Indians, we do love UPI. But One problematic aspect is zero MDR and banks are supposed to foot the bill for infrastructure. This may lead to less-innovation by banks and private players and possible huge chaos when MDR status changes.
If MDR will be going to charge on UPI transaction it will be the death of cashless ecosystem in india.. Most of retailers have less than 5% margin non their products . With MRP system in place and plus added burden of MDR on merchants . UPI going to face same fate as faced by card payment system in india in past..
@@Traderking1990 All HSR systems are like that. India must move towards a future where HSR services are operated competitively by private players with the government mandating operations at set conditions.
The US is not 20 years behind, stop acting like you know what you're talking about. USA has had these kinds of apps for a long time. Don't make things up.
In December 2018, Union minister Arun Jaitley had informed Rajya Sabha that four people had died 'during the period of demonetisation'. Yet it finds mention in the video about UPI, something completely unrelated.
That's because it's India. International channels can't let go of this negative image completely,hence even in most unrelated videos they need to mention something definitely negative.
RuPay + UPI were very well thought, far sighted and timely executed. I can't think of any other decision that can parallel this decision in both planning and implementation
Been using UPI for couples of years since then I never carried a single rupee because of ease of payment from this fantastic payment system....kudos to developers 👍
Excellent overview video! I'm quite impressed with the depth it went into; despite being quite familiar with the history, even I learned some interesting things. Thank you. One thing: IMPS and the TM in PayTM are initialisms, not acronyms-they're pronounced by its individual letters instead of as a word-while BHIM is an acronym (pronounced "beam") and not an initialism lol. Also, _routing_ is pronounced identically to "rooting" when it's an inflection of the word _route;_ the way you're pronouncing it, it is an inflection of the word _rout,_ which means a groove that is cut into wood.
Best part is that you don't have a monopoly app here. There are big players too but govt. Is going to cap single player market share at thirty percent. There are dozens of apps you can choose from, you can switch apps any time or keep multiple UPI apps. Most people have more than one UPI apps on their phone.
Western media will only show slums in India. India has already developed many Cyber Cities but I don't think Western media has covered that too. India is already the 5th largest economy in the world with a GDP of $3.53 trillion.
India is a cash based country. Due to this a large number of people and businesses don't pay tax and show income. We have a large peaceful population as well still refuse to pay taxes. So India will sooner or later will be a country with almost 80% digital pay. It's not what we all wanted but needed so more people pax taxes.
In Lucknow when you visit the old Lucknow city where 80% peaceful population lives, NOT A SINGLE shop accepts digital payments, you're screwed if you dont carry cash and where that tax evasion cash goes only allah knows.
@@ShinAkuma unfortunately when in power, the peaceful population puts taxes on the non-peacefuls like us, called jizya. it is part of their belief system to discriminate against non-peacefuls.
Maybe India should levy more direct taxes instead of relying on GST and other indirect consumption taxes that disproportionately effect the poor and costs everybody, the private sector and state in bureaucratic costs in implementing. Indirect taxes raise the cost of entry for any given good it is levied on, compounds inflation and dampens consumer demand.
We have a similar method of payment in Brazil called PIX. It's launch was quite game-changing, and it's practically impossible to remember how was life before it.
Upi is not an app. It's a payment system that is completely free and I don't need to have PIX on my phone to pay you. If you have google pay and I don't, even that's fine. Whatever your payment system, my UPI can pay you without my having to download your app.
Thanks for coverage. Few points to note, in rural areas of India, you should keep cash always as a backup. In deep south , I dealt with a hospital, who would only accept cash. Note to self: Upgrade from iPhone6 since payments apps do not work in iPhone 6 !
In Thailand we have "Prompt Pay" implemented in 2018 by Thailand central bank as well and the cost is born by the central bank, which does not lose money as it prints less paper money.
@@ArawnOfAnnwn how, Ali pay is a wallet and at best is comparable to old Paytm system. However since china is a much more digitised society more people adopted it but by no means Ali pay as a system is better than UPI.
At the moment there is no system which comes closer to UPI when it comes to security and simplicity at the same time not even China. I'm not exaggerating, just stating the fact.
Hope you can cover also about DuitNow system in Malaysia. All QR payment, interbank transfer, QR transfer under 1 umbrella. Now merchant can display only 1 QR code instead of multiple code for payment.
@@M3ganwillslay interesting would upi be able to go cross border in the near future? The malaysian national bank and our neighbours national bank are making an effort for cross border or asean inter-regional transactions using each nation national e-payment system to be able to receive from one another. If the indian market could also be integrated with such system doing business between asean and india would be much more convenient in the future.
I got a Tire shop in India ..nowdays 40- 50% sale come through UPI .. And i can use the money on same day because it hit my bank instant and help me to find a better ROI... And u can athun different employees who can recieve the confirmation thought app.
WhatsApp didn't get prior approval because they refused to follow Indian laws . So you could ask WhatsApp why was that before dumping blame on Indian Gov blindly.
Did you know you can go in a small shop without anything in pocket... and you just put your finger on a tiny fingerprint scanner and take out cash from you bank directly... You can roam anywhere with empty pockets .. feels nice
In Thailand we have "Prompt Pay" implemented in 2018 by Thailand central bank as well and the cost is born by the central bank, which does not lose money as it prints less paper money.
@@Parrot3054 he said Brazil has PIX and they have used it. So he will obviously call it best 🤷. We should be proud on NCPI but shouldn't drag like this. It really feels slight cringe.
You said 100 billion dollars in 2021 ,,😂😂... It's 100 billion dollars for a month dude with just UPI. AND it clocked 1 trillion+ dollar fro financial year 2021-2022
While cash still is the most convenient form of transaction, UPI is not far off. It has certain advantages of its own, especially quick online purchase and skipping long atm lines in the hit weather. On an average i complete to something around 40-50 UPI transactions per month.
I did whole trip from 1 state to another without carrying wallet because I forgot it,for 10 days....yes flight tickets and id were verified through phone only....amazing
A few years back withdrawing money from ATM would be an ordeal in India but not anymore. Of late I see no queues at ATMs. This was made possible due to NEFT, IMPS and UPI. But UPI has revolutionized e payment system thanks to it's user-friendliness. One more factor that contributed to this is widely available telecom network with dirt cheap tariffs.
After UPI, we are moving to e currency (cryptocurrency) from Reserve Bank of India (RBI), so now no bank account would be required, direct currency deposit and withdrawal from our wallet in RBI. Future looks bright, Indian system shall be adopted worldwide for easy payment systems, no need to carry physical wallet
NPCI's future plans for UPI 1. UPI Lite An offline wallet for transactions without internet First transfer some money from your bank account and save it in the wallet (upi lite) and then you can use it offline 2.UPI 123 Upi for dumb phones (keypad ones) Transactions can be made only upto INR 2000
I know it’s kinda out of scope, but you could make a video about pix, the Brazilian instant transfer system. It’s new, being rolled out in 2020 but grew really fast, and it’s easy to use.
Would be curious to see a video on FedNow - potentially revolutionary or not a major threat to the private FinTech and For Profit credit card industry?
People need to understand the momentous task of facilitating real time transactions for a country of 1.3 billion people. The digital infrastructure, online traffic, server load are only few of the things you need to maintain in this system. UPI is a 21st century's great success.
My ATM card expired back in 2020, i still havnt applied for new one, hardly went to any atm in these two years, i love new UPI, it's way too easy, even small tea shop accepts UPI no matter if it's only 5rs
the loss in revenue by the govt. by making this whole ecosystem free for users is justified when you see the GST revenue increase because of people paying goods and services taxes through digital medium and thus creating a robust economy that can be invested in. It was actually a smart move to incentivize it this way. Coz' the Credit/Debit Cards beforehand trying making themselves popular by some means but poeple stuck to cash because of charges added on to it on every transaction.
We have something like this in Costa Rica too. You just need either the IBAN number or the phone number and it can be done from any bank app or even using SMS
I come from a tier 3 city and UPI is available at every shop, fruit and vegetable vendors. UPI has literally revolutionized the payment system. This is the biggest step towards digitization of India.
