How UPI handles 6.5billion transactions in a-month with absolutely stupendous speeds (each transaction in almost in fraction of seconds)… whereas this so fast CRYPTO networks are taking so much time for the transaction confirmation? even with very low volume?
In India we call it UPI - Unified Payment Interface any one transfer to any one by scanning QR, instant transfer. No gateway charges. Do Google about it. Because of the popularity and efficient system. Couple of others countries approached Indian RBI for implementation.
In india we have UPI which is fast and has zero transaction charges for transactions till Rs. 1,00,000. So making people here switch by selling it as speedy is not really a great idea. I think the main thing about bitcoin is its decentralization and that is a concept not many people here understand.
I bit info about UPI, it was created for digitizing India in 2016 but it took off in 2020 for obvious reasons, its gotten huge, every second 10000 transactions takes place and every month the numbers keeps increasing, i only take my phone whenever i go out, if i have to pay i just scan the qr code plastered everywhere in the shops and pay, we can also use phone number to send money and it happens in an instant there were times when i used cash and it felt weird that i am paying with cash lol Everyone who is selling things will have QR code and even people who sell fresh vegetables on carts carry the qr code, hell i have seen several videos where beggers roaming with qr code coz people stopped using cash, i have also paid a beggar once with upi coz i dint have cash that being said UPI is not free, well its for the people to use but it is being subsidized, according to a study done each transaction costs 2 cents, in 2022 its estimated to cost just over 1.5 billion USD UPI will remain free to use, few months ago false news spread that govt is gonna charge us a transaction fee but govt came out and said they will never charge any fee coz UPI is for the public good, and UPI with other things has helped lot of poor people in welfare programs, for example, Govt sends some money or facilities directly to people who need it, instead of using middle men's where corruption was rampant before, it was said for every 100 usd spent for welfare program 95 usd was being gobbled up my the middlemen and only 5 USD used to reach the poor, now any benefit given is sent directly to the people needing it Also Govt also launched CBDC where your money is held in the Reserve bank of India and not in Banks where you can use it just like UPI and its also free, atm its being run as a pilot program in 4 cities
>I think it really depends where you’re from. I’m in the UK and honestly the centralised payment system we have is better than any crypto will ever be for payments. It’s 24/7/365, it’s instant and it’s completely free. we have UPI here which just works perfectly and it's completely free and fast,works with a plethora of services..
Their government is committed to keeping UPI free? So all those tax payer dollars are going towards a good use, right? What's the actual cost of wasted money ran by an inefficient machine to keep that going? How much is the TRUE COST? What happens when the government decides to ban you, because it's tied to your number, from spending or receiving? What happens if the government decides due to a change in policy to institute fees or extra taxes or ANY change in the payment model?
The fact that they came up with UPI is precisely because traditional banking is slow, restrictive and not cost effective ... for customers. I dun see UPI as being in direct opposition to crypto as a means of money transfer. Crypto is not just about money transfer, but also about ownership of wealth and more.
BTW, UPI launched in 2016 is the advanced level of transacting. Not saying it is better than crypto but it sends bank to bank (not some wallet) transfer in split second at 0 fees. 300+ banks are covered in that till now. On top of it, Rupay an alternative to VISA, mastercard linked to this UPI makes VISA, Mastercard useless and now they are sweating due to losing marketshare in one of the biggest market. UPI tech is being exported to other countries now. Sooner, some of you guys might be using the same thing in your country.
>The govt is committed to keeping UPI free too. Using tax payers money to keep something free cannot last forever. The only reason is it currently free is the that govt. is actually paying the transaction fee to the banks and payment processors. This will not last!
UPI is the epitome of a centralized payment system. All that is missing is a CBDC. Anything system issued by a government who collects taxes, almost by definition, cannot be free. Your paying for it with taxes. Banks are not free. It costs them money to implement and issue the UPI numbers and coordinate with phone numbers. Customer service will need to be bolstered to handle lost numbers, refunds, fraudulent charges, etc. Likely higher fees and higher lending costs will result in order to pay for this. Anonymity impossible. The government, the banks, phone company all have to participate in unison for this to be successful. Each knows who you are. Security. Questionable. Crypto, on the other hand, ASPIRES IDEALLY to be decentralized, anonymous and secure.
OP: 1. Has complete faith in the INR. By the way, INR-USD is down hard against the USD over 5Y. https://www.xe.com/currencycharts/?from=INR&to=USD&view=5Y 2. Thinks that inflation affects all classes equally, which is untrue. Low income households are hammered by inflation much harder. India has one of the craziest caste systems in the world with millions well below the poverty line. 3. Gov't cares about its people...man, officials just care about staying in power. They don't care about you. UPI is a centralized system, subject to government control. Just because its easy and cheap, doesn't mean its in your best interest. If fact, when things are easy and cheap, usually, it turns out that you are the product.
>If I call Modi a dick, the Indian govt can (very likely 'will') block me from doing any UPI transactions, freeze all my banks and let me starve until the courts declare me innocent of sedition thirty years later. That can never happen with crypto. NO NOTHING OF THAT SORT HAPPENS IN INDIA
I honestly don't know why all these geniuses in crypto don't tackle new problems. Sure, this UPI thing probably isn't perfect, but we've got pretty good answers for "paying for stuff" at this point. Seems like it's all defi scams and pointless slow and painful "blockchain games." IDK, feeling pretty jaded as rekt as I am and realizing that everything except for btc is going to reset soon, so I wasted another whole Cycle, but still think crypto needs to tackle an actual real world problem this next round.
Yeah UPI was one of best things to happen for Indian economy. But what if you want to transfer to someone abroad, or say don’t want what happened with truckers in Canada. Crypto solves a different set of problem. Decentralised and uncensored!
(A) UPI is not censorship resistant. XMR is. (B) In an inflationary economy, fiat currency will always lose value. You store wealth in XMR. (C) Government sees all transactions and can monitor you. Well, Google will do that too using government infrastructure (you are using Google pay). XMR keeps your transactions private as you are entitled. (D) Cross border transactions are not possible with UPI, but possible with XMR. (E) You can not transfer large amount using UPI, with XMR you can. XMR fees are a fraction of a cent. Nobody in the world cares about that fee if they value any of the above. India is a closed monetary system. It is very difficult to send money out. Very difficult to buy crypto and very difficult sell crypto as well. People have no other choice than UPI. That is not freedom.
As to how they make money, Google Pay provides reward vouchers for doing transactions. These often take the form of discounts... Like 30% off on Starbucks So basically advertising and quite enticing too. .. Some other payments apps offer insurance, mutual funds, gold etc. They'll live lol. You can pay online with the same UPI app you get discounts on and since they are timed there's a "hurry" Factor. Plus it's Google. People trust their vouchers.
Well, I guess it's all about trust. People trust their fiat and UPI, and some cryptos are still too volatile for everyday use. Plus, with UPI being free and widely accepted, it's hard to beat that. But, if you're looking for something more secure and private, then crypto is the way to go!
Well, I guess it's all about trust. People trust their fiat and UPI, and some cryptos are still too volatile for everyday use. Plus, with UPI being free and widely accepted, it's hard to beat that. But, if you're looking for something more secure and private, then crypto is the way to go!
That's taking a myopic view of things & especially people, but I understand where you're coming from. It's perfectly fine. Unfortunately, 2008-2009 was also the age for the rise of smartphones & cashless digital systems infrastructure did not exist by then. Fortunately for us, the world has changed today and UPI, PIX exists now (in addition to implementations like FedNow that'll get rolled out next year). It doesn't need blockchains, it fulfills the purpose of peer to peer cashless transactions directly provided you have a bank account. International settlements & DTCC? Well, those settlement processes are definitely operating at T2+ settlement cycle, but some of those delays are actually a feature & not bug as banks start preparing themselves to be up to code with Basel IV framework. I knew that the question of 2008 financial crisis was going to come up. I cannot even fathom realistically how people misunderstand the Great Financial Crisis to such an extent that they start believing that a tokenised form of money representation will fundamentally alter things. Crypto (including BTC) is basically doing the same wrong things & mistakes word to word that the financial markets do every cycle : They take something esoteric, with built only for specific purpose & turn it into a tool for financial gambling & fraud. The store of value narrative is interesting too, because it intends to convey the usefulness of Happened with Lewis Raineri's mortgage bonds, and then Eddie Connors derivatives. The constituent players collectively do not understand the reason why certain rules were built in place, and certain rules weren't because people looked the other way. Of course, there's a thing called positive sum economics. When you borrow or lend in the real economy, it has collective supplementary effects such as provision of liquidity for commerce, support jobs & facilitate innovation in the field of education, healthcare and whatnot - not just unprofitable business models or P2P cash projects with little customer adoption use. Trust is inherent to human relationships with the counterparties, you cannot disintermediate through pure trustless systems. Crypto cannot game theoretically enforce reasonable on-chain anti-competitiveness. I could go on & on about how it's only useful in small doses and very niche problems, not enable economies of scale. Was an early ETH investor as well, and it bothers me as well (as it stands today) - including the cutting edge work done right as of this moment in the space. But I guess we'd both be wasting our time here, considering my experiences tell me a different picture. It's an industry filled with fake apostles & final bosses, and unfortunately, people will find out soon next year when hell breaks loose.
Yeah that makes a lot of sense. Most jurisdictions are leaning towards categorizing crypto as a capital gain rather than a currency, and this goes into that category as well. Although I am unhappy that many people are yet to understand the beauty of bitcoin network, I like the idea of targeting a few metros at first and see how digitally literate these cities will be. Many people are still being left behind in this technology race and the Indian rural are definitely being left behind as many still use handset phones. So if brought in properly, and understood as quickly as UPI, I could see this happening in the foreseeable future, and the metros are definitely key as UPI adoption has been very successful. ​ Note: UPI payments have seen a surge of 650% over the last 3 days since they released the CBDC, so hopefully this is the right trajectory.
I commented this on a post just 3 days back, and I will paste it here. Exactly. UPI is already extremely prevalent in India. It's an extremely robust system which is much like CBDC. [https://www.npci.org.in/what-we-do/upi/product-overview](https://www.npci.org.in/what-we-do/upi/product-overview) UPI is much better option, and it is used by so many other countries too. They had to launch CBDC so that they can compete with cryptocurrencies.In their own words, CBDC is a regulated alternative to cryptocurrencies. “The use of offline feature in CBDC would also be beneficial in remote locations and offer availability and resilience benefits when electrical power or mobile network is not available,” RBI highlights in its press release This is the only real use case for CBDCs. Let's see how the entire update unfolds.
That's why I mentioned it. TBH, they were going to implement this offline feature in UPI too, but they didn't so as to put it first in CBDC. CBDCs are not to be hated without any justification, but coming from a logical PoV, there was no need of CBDC when you had better version of CBDC i.e UPI already used extensively in the country. Not hating or loving CBDC, but just trying to understand its need from a logical PoV
Exactly. UPI is already extremely prevalent in India. It's an extremely robust system which is much like CBDC. [https://www.npci.org.in/what-we-do/upi/product-overview](https://www.npci.org.in/what-we-do/upi/product-overview) UPI is much better option, and it is used by so many other countries too. ​ They had to launch CBDC so that they can compete with cryptocurrencies.In their own words, CBDC is a regulated alternative to cryptocurrencies. ​ >“The use of offline feature in CBDC would also be beneficial in remote locations and offer availability and resilience benefits when electrical power or mobile network is not available,” RBI highlights in its press release This is the only real use case for CBDCs. Let's see how the entire update unfolds.
It won't change a thing TBH in India. India has been using electronic payment system (UPI) since a long time. And your money is already under the control of government. All the bank accounts are linked with PAN card and AADHAAR card (same as social securtiy number). So, any transaction you do is already under the surveillance of government unlike USA. FWIW, It will bring a lot of new people into the finance. Also, it will reduce the amount of cash usage. India has an abundant problem of counterfeit currency, which can be reduced by using CBDCs. Let's see how it develops.
I am sorry but I will have to disagree with you on a couple of points here. A lot of Indians do have bank accounts now. Over 80% of people above 15 have bank accounts, as of 2017. The usage of cash has already reduced greatly (compared to earlier) because of UPI.
tldr; The Reserve Bank of India (RBI) is finalizing the rollout of the retail digital rupee pilot, the Economic Times of India reported. The retail digital currency (CBDC) pilot will be hosted by the National Payments Corporation of India and will be similar to the NPCI’s unified payments interface (UPI) system. The CBDC will be provided as a standalone product. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
I think people should look at how India implemented UPI during 2016-17, resulting in massive increase in online transactions. It was like a wave. I don't think they will provide APY in current economic conditions, but they may provide some relaxations in taxations maybe. In India, CBDCs were launches to increase the financial inclusion of people who aren't having a bank account. I think, in western countries, CBDCs are launched by government just to have more control on money and hence, the economy.
So, the entire process looks like this. 1. Let's say person A wants to sell their 100 USDT via P2P. He will mention the price based on the local currency exchange. Let's say its 100 INR for 1 USD. So, he puts a sell order on the P2P page that he wants to sell his USD for 10k INR. 2. Person B wants to buy 100 USDT via P2P. He goes to the binance P2P site, and he sees that person A has put a sell order for 100 USDT. 3. He accept the offer on Binance. Now, Binance acts as an escrow and freeze 100 USDT of person A. bank details (UPI) is mentioned by person A, and binance tells B to send 10K INR to person A directly via fiat bank transfer. 4. Once, person B sends the money and person A receives the amount, and both of them confirm about the transaction, Binance transfers 100 USDT from A to B's wallet. So, here, Binance simply acts as an escrow and no fiat amount is transferred from or to Binance. So, banks can see that person B transferred some fiat amount (10k INR in our example) to person A, but they can't find out the reason of transfer, and hence, they can't block or restrict this transaction. ​ As the transfer is between person A and person B, and Binance just acts as an escrow, it is known as peer-to-peer or person-to-person (P2P) facility
As someone who uses UPI on a daily basis. I can tell you it has made everyone’s life here in India so much more convenient. Forget about large payments, its so integrated in our daily lives that we use it for almost everything. Pay for meals,cabs, movie tickets,gas, a bottle of water, a smoke, you can even use it to tip people directly. You can even withdraw cash if you need it using UPI you don’t even need to physically carry your card for it now. There’s no fees or hidden charges however large or small the transaction maybe. And the Govt. body has confirmed it doesn’t plan on levy charges ever (atleast not nationally I think). You can only understand it’s merits and convenience only after you’ve used it like we have here in India and I honestly cannot imagine wanting to shift to another payment service EVER. It literally takes under 30 seconds to complete any transaction no matter how small or big. I can answer your questions about it if you have any.
Even if this does happen, it's going to be strongly linked with banks and UPI. Because unlike most western countries, Indian banking infrastructure is far advanced and decades ahead. If the purpose of crypto is feeless instant transfers, UPI already fulfills this. If the purpose is mass adoption, UPI already fulfilled this. However, if you are looking for decentralization, that's never gonna happen with any government owned crypto currency.
tldr; The Unified Payments Interface (UPI) processed 6.57 billion transactions, amounting to ₹10.72 trillion in August, up 4.62% and 0.95% on a month-on-month (MoM) basis, in terms of volume and value of transactions, respectively, according to the National Payments Corporation of India (NPCI). Last month, UPI breached the 6-billion levels in volumes for the first time since its inception in 2016. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
They're not charging anything more but fees are planned, nothing is free. > Further, it has sought feedback on whether the RBI should decide on the charges, or the market be allowed to determine if charges are introduced at all. RBI also sought feedback from stakeholders on the possibility of imposing a “tiered” charge on payments made through the UPI, based on different amount bands.
Not countries allow to take crypto as payment. You should understand this, India and few other countries are closely monitoring this. Taking payment in crypto is easy. What’s hard is countries regulations on it. AFAIK, countries even charges tax on crypto transfer event. — Do you know, india has been booming on UPI System. My govt is also planning to purchase UPI Infrastructure from Indian government.
I live in India. And there is nothing what you can call "real adoption". 1. Yes, govt is taxing crypto, thereby legalizing it - but tax rates are 30% reserved for gambling - highest in India. 2. Reserve Bank of India is thinking of using crypto/blockchain tech and also launching digital Rupee. But what I hear is just talks. 3. Digital payments infrastructure has become really good lately with the UPI. If you don't want illegal things or don't have to send money foreign, you don't need any crypto. No crypto tech is closer to current fintechs available to banks. Harsh reality. I believe similar cases would be for other countries.
I wanted to send money to someone. I am not able to send that money to them. There is somehow a minimum amount that I need to send too. How am I using this shit wrong? If I can't even transfer the amount of currency that I need to, what the fuck is the point of said currency. I can transfer as little as 0.013 USD using my country's payment network (UPI) in literal seconds. Yet somehow, using BTC, the minimum amount I need to transfer is 1883x of that amount. tl;dr This money (BTC) is fucking hard to use.
I have to donate some money to a website that I've been using for a decade now. The only way to do that is through crypto. Today I discovered just how hard it is to do so. Firstly, I had to sign up to the exchange with all my government identification. So there goes any anonymity. Secondly, I couldn't deposit money into my exchange account in my currency because of government restrictions. So I had to use a P2P network to buy USD to convert to my INR. Its been 30 minutes now, and I'm still waiting for the transaction to get completed. The seller charged me 8.66% over the current USD to INR conversion rate. Next I have to convert this USD to INR or Bitcoin The exchange has a minimum withdrawal amount on BTC which is 50% more than what I wanted to donate. Compare this with just how easy it is to transfer money in my country (UPI) - it literally takes seconds. Maybe even less. And all I need to do is enter the recipients mobile number to transfer the money. Sucks to say but if transacting in this currency is this inconvenient, it has no future.
I don't think that sending the bitcoin is hard to anyone, i am using the UPI payment for buying the stuff like scan the QR code and pay the money. I think this is the only way we can use the bitcoin is well, simple and secure is well.
I don't think people will use Crypto payments in India for regular basis because India have UPI system which works by scanning Qr code or mobile no. and money will be directly withdraw from bank account(No wallet needed). Speed of transaction is in Millisecond and there is no fees. The only drawback is that it not works for international transactions yet.
I hear ya. I rarely hodl anyhting. If I do it's usually a small amount on a spiker. That way I can sit and wait for the next spike to sell it. AVT, UPI, Math. They lay dormant for days and sometimes weeks but they historically get pumps and that's where I offlaod
Check UPI from India as well. Massive success and they're breaking monopolies of visa and mastercard. Crypto has rattled traditional systems and forced regulators and governments to create CBDC to get digital currency finally working.
India has a system called UPI which allows free transfer between banks. It's pretty sucessful and other countries are looking into implementing the same system. Indians still invest in crypto because most of the people here are in for the money and not for the tech.
In India we already have UPI where we can transact with phone numbers at absolutely ZERO cost. Why would I bother with cryptos at all. And every bank is encouraging this because even though they are losing on the transaction fees but they are gaining big on the deposits and balances.
Im not married to any coin. I look for the ones that are the most volatile and I jump in and out on those. Today Mona was a good one (still is actually but is cooling off) Then there are some other ALTS I lurk in the shadows of because they like to have profitable spikes from time to time. UPI AVT NCT
1. Yes. And I agree too. If not actual Ponzi, they are useless. So, apart from speculations, they are not worth it. 2. Crypto as a currency will never succeed in India. India has huge digital infra. I personally have not used cash since 2.5yrs. Even all shops in my rural village accept digital payments. As a good asset/reserve, BTC might succeed. However, for other Cryptos, they need to up the ante and solve something real world. 3. Yes. UPI mostly doesn't work. However, some banks allow their services. But still P2P is best. Govt will use blockchain and other crypto related tech. But they have no trust in current coins available in the market. I don't blame them specially when a top 10 coin can be a Ponzi and evaporate in just 3 days.
That is frequently touted as a blockchain use case but it isn't. As other commenters have pointed out, mobile payments systems (such as M-Pesa and [India's UPI system](https://fortune.com/2022/06/30/blockchain-india-upi-payments-global-reach/)) have done a great deal to enable digital payments for vast numbers of people. In India, I regularly use UPI to make payments as low as INR 20 (0.25 USD) to buy stuff like fruits or groceries from [vendors who don't have a roof over their heads](https://www.google.com/search?q=upi+street+vendor&client=firefox-b-d&sxsrf=ALiCzsbefyqjI_ClF-6eU4OOiYrLSuNBnA:1656739270085&source=lnms&tbm=isch&sa=X&ved=2ahUKEwiW4Lbdutn4AhVXRmwGHdXqA1MQ_AUoAnoECAEQBA&biw=1787&bih=845&dpr=0.9#imgrc=TPzOAn2QBuX4iM) with zero fees. Most of these people didn't have a bank account or accept digital payments 10 years ago because they couldn't afford the transaction fees and costs of credit card reader machines. As UPI is free, charges aren't a problem. Scale is an important factor here; a lot of these are really small value transactions, so for these people to run a viable business off any payment system, it needs to support a *high volume* of transactions. [UPI regularly hits a volume of 5.8 Billion transactions a month](https://www.npci.org.in/what-we-do/upi/product-statistics), and this number is steadily growing. Note that almost all of these are actual economic activity involving the trading of goods and services, not just financial speculation. Fraud prevention is another important factor. Many of the unbanked are poor, less educated and possibly even illiterate. It's safe to assume that they are not experts on opsec. So it's important to have (fraud redressal mechanisms)[https://www.zeebiz.com/personal-finance/news-bank-fraud-get-full-refund-in-10-days-just-follow-these-rbi-guidelines-157958] so you can reverse erroneous and fraudulent transactions. Blockchains due to their decentralised and functionally immutable characteristics actually pose a challenge to this. Volatility is another factor: these vendors need a stable currency to price their goods, so they don't need to continuously calculate whether a kg of tomatoes is worth 10% more or less than it was hours ago. Prices need to remain relatively stable for weeks or months; large variations will wreak havoc on their profit margins. Cryptocurrencies do not offer this assurance. UPI (and other mobile payments systems in Africa which predate it) have done more to enable these kinds of transactions for poor people than blockchain has done. **This** is what banking the unbanked looks like. You need to offer high scale, high speed, fraud prevention systems, low volatility and low (or zero) fees. Blockchains offer none of these features, and are unsuitable for this objective by any measure.
Excuse me? Reduced costs? Transaction fees are absolutely mammoth. If you want to know about real financial revolution please read about Indian made UPI. It absolutely crushed the Visa and MasterCard dependancy. Transactions are done at Zero cost and its developed by the state. The only nice use of crypto is that I can send money outside my country without stepping in the bank. I like the idea of using cryptos for transactions but never as an investment. Even if it touches a million dollars. Engineers better start developing real blockchain businesses with real underlying assets because blockchain truly has enormous potential.
OP, I have an issue with your first paragraph. Crypto did not force the changes in the financial industry at all, at least for day to day transactions. The biggest disruption was the smartphone penetration, ubiquity of faster internet and successful digital wallet and QR code based transfer experiments across the world, like PayNow in Singapore or UPI in India (btw, UPI puts any digital payment method for daily use in US/Europe to shame) It is just that the crypto "revolution" and the smartphone/internet advances happened at roughly the same time. Correlation ≠ Causation.
Go hang around your local petstore for a day, ask all customers if they heard of UPI and if they are willing to sell to collect and sell the 'data' of their pets to the highest bidders. Go ALL IN if you even hear one yes that day.
Street side vendors are using UPI and bank accounts. They're useful even if people don't read because they'll find someone else to help out. The good part is that people who are poor or homeless can still get banking facilities. Most people who can't read are older people whose children are able to read.
The Indian system is released by the Reserve Bank of India and the government, not some private company. They saw the uncontrolled wallet services for digital payments and decided to make a framework for all payments. The result was UPI(Unified Payment Interface). That basically forces all payment apps to partner with banks and all transfers are going from bank account to bank account for free. There's no wallet redemption charges like Venmo or anything. And all payment apps need to play nice with each other, so I don't need to worry about which app the other person is using or which bank is being used by the other person. RIght now, Amazon pay, google pay, facebook/whatsapp money all use the UPI and you don't need to deposit anything in wallets to use the service. (Even lightning networks runs outside bitcoin's blockchain with you having to put some money in when you start and have to pay charges for settling) This resulted in the astronomical growth of digital payments in India to the point that in 2016, the volume was 2.65 million per year. In 2021, volume was 38.744 billion per year. The act of transaction is very fast, you can enter mobile number or just scan QR code at a shop and within 10-15 seconds, your transaction will be done and shopkeeper will get confirmation as well. Debit, credit cards of visa and mastercard have merchant discount rate(MDR). If I pay 1000 bucks using credit card, the shop will only get 980 and the 20 will go to visa. India decided it was stupid that 2% of all transactions goes to banks and released their own card, on top of UPI with 0% MDR. That means businesses are no longer accepting visa and master cards. Why would they accept a payment method where their payment is getting cut? (Visa actually complained about this to USA lol. They were getting undercut completely) This also means all the very small shops and roadside vendors can print their QR codes and take payments of tiny sums like 10 rs (around 14 cents) on UPI. (You can also send large amounts on UPI of course.) They don't need to worry about keeping change and all that. They anyway don't pay taxes because they don't earn enough. This is possible because India gives free zero balance bank accounts to everyone. No overcharge, no draft fees, no minimum balance and all that bullshit. You are living in India, you get a free bank account because PM decided that banking is basic need. I've literally not taken my physical wallet or carried cash 95% of the times in recent years because India also allows for digital IDs, so I can have all my documents online and it's just as acceptable as physical copy when cops ask for it. And all this is perfectly possible everywhere in the world, but you need a government willing to cut the exploitation of the banks. The Indian government and banks are happy to pay for all the costs for now because a large portion of the cash/black economy is now digital and linked to bank accounts. So, their tax collection and bank usage has increased by more than enough that UPI is making profits for them despite 0 transaction fees. And there are other benefits of not having to print and handle cash. Government can directly deposit any social payments and subsidies to the bank accounts without middlemen doing any corruption as well. There have been some rumours of adding some transaction fees to UPI, banks can charge for transactions but nothing has materialized and it likely won't happen anytime soon because the government can benefit from the digital economy even after paying out of pocket. They are expanding the framework outside India in other countries now. Right now, apps are also using the UPI data to make credit ratings and give microloans to people because they can estimate risks from the financial data which would've been very hard to get otherwise. After all that, it seems stupid to use bitcoin as currency because it's costly, slow and not at all user friendly. Not to mention volatility. (I still don't get how India with 5-10% inflation and US with 0-5% inflation and turkey with 40-50% inflation can use the same currency across the world. )