UPI

hornet950

Ever heard of UPI payment mode?

coinfeeds-bot

tldr; RBI Governor Shaktikanta Das reiterated the central bank's unchanged stance on cryptocurrency, emphasizing the risks it poses, especially to emerging markets. He compared potential 'cryptomania' to historical events like the Tulip mania and highlighted the challenges in regulating the industry. Das also discussed the RBI's efforts in strengthening India's banking system, the success of the UPI payment system, and the central bank's plans for a Central Bank Digital Currency (CBDC). *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

blthmsphlp

Crypto is just a means for the lower and middle class to earn some money by buying low and selling high. That’s what I feel. I don’t think it will ever have a real world use. It’s is almost like reinventing the wheel. It’s unnecessary and there are banking systems already in place to help you. And don’t tell me that it takes time for money to get transferred over the world. You can use services like Wise or Remitly and send money to other countries in a couple of hours. If crypto had a real world use, u would have seen it. All I think is the crypto codes are just going to be copied by governments to keep an eye on your transactions by releasing Central Bank issued coins. Many countries are progressing to a cashless economy and eventually it’s only going to be credit/debit cards and central bank issued coins for transactions. Just look at India for an example. People have started using UPI for making payments that is facilitating a cashless economy. Crypto has no value in this country as there is a system in place that is already working.

allstarheatley

UPI is built on systems that have existed for many years before that (built on top of IMPS, which is built on ATM software, etc)

stupidcupid112

Crypto has been around since 2010, UPI came into existence since 2014.

bottleofvino

Yeah no this is not the maximum capacity of the UPI (unified payment interface) but just the number that people are currently transacting. Not really a comparison you can draw right now

Django_McFly

No crypto has the power to mandate by law that over a billion people use so UPI has that going for it. On the #s though, USDT had $23B in transactions volume yesterday. In 10 days they'll have more than UPI is doing in a month. As for # of transactions, UPI has a billion people on it. Crypto as a whole doesn't have a billion users.

coinfeeds-bot

tldr; The article reports that the value of transactions on the Unified Payments Interface (UPI) platform reached a new high of ₹17.40 lakh crore in November, marking a 1.4% increase from the previous month and a 46% increase from the previous year. Despite a slight decrease in the number of transactions, the year-on-year growth in UPI transactions remains strong. The surge in consumer spending, particularly in shopping, e-commerce, and travel transactions, contributed to this trend. Experts attribute the steady growth in UPI transactions to a shift in consumer behavior towards digital payments and increased convenience through features like Credit on UPI and Tap & Pay. The article also highlights the rising share of person-to-merchant transactions and projects UPI transactions to continue growing in the coming years, with expectations of surpassing 2,000 crore transactions in the next 18-24 months. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

pranabus

The wire in "wire me money" and "wire transfer" stand for different things today, given the historical and industry culture aspects. The wire in "wire transfer" comes from the same place as the line in online shopping, and in the strict sense a telegraphic transfer at the Post Office (rather, Western Union) is the original wire transfer. For these postal telegraphic transfers the most recent term would be "Money Orders". "Wire me the money" used to be equivalent to "send me money remotely via the bank" ages ago, when electronic payments were rare and the telegraph line was the only way to do this. Once online payments became more common, this just became a regular "transfer" or "payment", or in most cases the name of the mode - SEPA, ACH, Paypal, NEFT, UPI, GPay, or Venmo, so the recipient would know where to look for the money. Absolutely no one would use "wire transfer" to describe a Venmo transfer today. Today, "Wire Transfer" at the bank stands for an international (bank account to bank account, no clearing house involved) remittance in an international currrency, typically via the SWIFT network, where you need the IBAN, the SWIFT / BIC code, optionally an intermediary bank / vostro account details, and which takes 1-3 days to settle, where the transaction charges are in the order of $15-$20 USD, and where you can specify who pays for the charges - the recipient or the payee.

strworld

India is going to push it's UPI technology. That's what they want.

Silver-dutch

“Patricia Manila Martin was accused of stealing $240,000 in funds belonging to Oscar Lawton Wilkerson, Jr., after he moved into a nursing home, according to Illinois Supreme Court documents obtained by UPI.” That’s really messed up

rocky_01

UPI is much faster

No_profits

That's great news for Telegram. WhatsApp also allows financial transactions in India through UPI. Facilitating financial transactions will be a lucrative gig for social media platforms.

MyNi_NotYourNi

India has done amazing stuff using the UPI tech stack to bring hundreds of millions of people into digital finance. I understand you may not like their take on crypto, but please don't confuse it with them not understanding the needs of their population.

Aakarsh_K

This is while they block UPI (India's instant payment system) access to exchanges.

loksfox

They want to hire people to implement blockchain technology into UPI, India’s home-grown instant payment system that facilitates interbank, ok that would be pretty good for mainstream adoption

Visual-Savings6626

Do I smell CBDCs? India is anyway leading the digital finance space. Their UPI service is also being used in multiple countries!

coinfeeds-bot

tldr; The National Payments Corporation Of India (NPCI), backed by the Reserve Bank of India and 247 Indian banking companies, is seeking a seasoned blockchain technologist to explore opportunities for blockchain in current payment systems. The NPCI operates the Unified Payments Interface (UPI), an instant payment system used in India and other countries. The new hire will be tasked with identifying where blockchain solutions can be used within the system. This move could potentially expose blockchain technology to millions of users instantly. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*

JustaTuber69

Which is the best DEX in India where i can buy very cheap USDT with UPI? I need cheap USDT for crypto arbitrage

omghag18

In India, we have UPI online payment method with 0 transaction fees, people will literally buy 1 toffee from your local rustic shop and use UPI , so I don't think crypto will gain popularity in that sector, at least in India which is sad consider the population of India is so large (1.3 billion)

kryptoNoob69420

"using artificial intelligence (AI) on conversational payments in the unified payments interface (UPI), which is an instant payment system developed in India" So it's not about crypto is it, cointelegraph.com?

flyingfrogss

Sports Betting and Casino - UPI For World - I envision a world where cryptocurrencies are used for payment transfers, similar to India's UPI system, enabling seamless and zero charges for money transfers. In India, physical cash is now rarely used. However, there's a limitation when it comes to transferring substantial amounts. If cryptocurrencies could offer a global UPI-like experience, it could facilitate effortless money transfers for people around the world. Metaverse- I believe Apple's introduction of VR headsets could potentially drive down the prices of similar devices, leading to widespread adoption. As the masses embrace this technology, the concept of the Metaverse could gain immense popularity. In this scenario, cryptocurrencies might find utility in facilitating in-app purchases.

Elon_mkus

Same here in India, we have UPI which allows to transfer money within seconds. And it's been in place for 5 years now. There's no fees to transfer the money.

echopulse

And UPI in India. They also have a system in China but I don't know what it's called.

omghag18

We have UPI and u can literally send 1 cent worth of money with 0 charges

Nirbhik

The seriously needed a real time payment system for internbank settlements. Wire takes forever. In India we have had UPI payments for a long time now.

NoCovido

Oh that's good to know! I just saw that's something launched a few years back. The scale of UPI is much larger though. It's an all in cash+card replacement. You use it for family & friends transfers, you use it as a credit/debit card replacement to pay at shops/restaurants/gas etc. You use it for rent payments. You can use it for official business transactions to pay your vendors. You can also use it as a payment method for your online purchases instead of your credit card. And it's instant (doesn't take a few minutes!). And the scale at which it is accessible is unparalleled.

NoCovido

Exactly. America is the third world country in terms of banking and transfers. Like, if you look at UPI in india it's instant , feeless, any bank to any bank transfers upto 2L INR (~2500 USD) per day. No charges whatsoever. And UPI did [9 Billion transactions](https://www.npci.org.in/what-we-do/upi/product-statistics) a month in May 2023. UPI is free (or subsidized?) and no one makes money off the charges. Not visa, not Mastercard, not any banks. It has been so successful that Google Pay version of India (called GPay) uses UPI and not credit card payments.

Franrosev

UPI is still better than this shit.

suninabox

So much worse: "RBI has also said that they would link this system with the existing Unified Payments Interface(UPI) which is a widely used system to transfer money up to an amount of ₹0.1 million(in most cases) for free through banks. When this gets integrated, we can send money from and to the wallet from bank accounts which are not linked, and this everyone would not need to open wallets for themselves"

suninabox

>RBI has also said that they would link this system with the existing Unified Payments Interface(UPI) which is a widely used system to transfer money up to an amount of ₹0.1 million(in most cases) for free through banks. When this gets integrated, we can send money from and to the wallet from bank accounts which are not linked, and this everyone would not need to open wallets for themselves Evil bastards. How dare they. I will be dead in the ground before I refuse to stop paying banks fees for transfers

Not_Raidn

Actually we already have a system which is called UPI and it's even more efficient than this. It's free, it's instant, it's reliable. The only cons are it has a ceiling and the privacy problem.

Not_Raidn

Yeah it did infact feel useless. I have only used it for the 1st time today and I haven't found a reason to use it over UPI. Jokingly this might be useful only for kids who want to hide their money from their parents. It can't be used for laundering money because RBI will be tracking large transactions.

Not_Raidn

And RBI has said for the time being that they won't be tracking the transactions which aren't large or of transactions involving large denominations ( I don't have clarity about which they talked about). They have also said that they would link this system with the existing Unified Payments Interface(UPI) which is a widely used system to transfer money up to an amount of ₹0.1 million(in most cases) for free through banks. When this gets integrated, we can send money from and to the wallet from bank accounts which are not linked, and this everyone would not need to open wallets for themselves. The bank (who is the intermediary over here) would collect the tokens and credit the person who wants it in his bank account with the normal money we have in our banks.

coinfeeds-bot

tldr; The Reserve Bank of India (RBI) is preparing to launch its own Central Bank Digital Currency (CBDC) for retail use, targeting one million users by the end of June. While the RBI has been opposed to cryptocurrency, Governor Shaktikanta Das has said that crypto products need to be looked at and the effort is to develop an international framework to deal with the problem. The RBI also plans to make the united payments interface (UPI) platform fully interoperable with the CBDC. Finance Minister Nirmala Sitharaman has said that a stand on completely banning cryptocurrencies could be taken only after considerable international collaboration. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

MichaelPemuliss

Flac Finance allows digital asset owners to borrow fiat or stable coins instantly against their crypto holdings without selling them, providing efficient and cheap liquidity. Users can make their digital assets work for them by earning rewards and providing liquidity to the platform. Flac Finance integrates with countries financial infrastructure to provide access to a wide range of regulated financial services to the users, which includes Flac Credit Card, banking integration, and payment solutions like UPI.

MichaelPemuliss

Flac Finance allows digital asset owners to borrow fiat or stable coins instantly against their crypto holdings without selling them, providing efficient and cheap liquidity. Users can make their digital assets work for them by earning rewards and providing liquidity to the platform. Flac Finance integrates with countries financial infrastructure to provide access to a wide range of regulated financial services to the users, which includes Flac Credit Card, banking integration, and payment solutions like UPI.

Silence-Samurai8357

UPI to buy crypto would be game changing

Interesting_Corgi535

Does it really take days in US/Europe because i can transfer 100k in just 3 click n translation will be done in less then 30sec in India. Just asking new to crypto and trying to understand its use cases. Why u need crypto if system like UPI(indian digital payment system) exist.

goluthecoder

QR code is very common in India. Even if you buy potatoes worth 2 cents, you can pay via QR and UPI system.

goluthecoder

The Indian UPI system enters the chat.

sidmehra1992

u also need to check India UPI payment system .. even beggars use them these days

Top-Needleworker-157

What do you mean by signing a receipt? I’m from India and people started using UPI for restaurants as well

Mysterious1099

In India We Use UPI and UPI can do payment within 1-2 sec or lesser

kryptoNoob69420

Third world countries like India have UPI. I have heard about free transactions in a few more third world countries, it's not from a place of privilege but more from a place of amusement how much better countries don't give up on a single chance to squeeze their citizens. Especially for countries like USA where ~~bribes~~ lobbying are slowly killing democracy.

axesOfFutility

India has UPI, 0-fee instant transfers from any bank account to any other bank account through apps on phones. Even google has an app in that space called Google Pay hooked into the UPI system.

Ireallyasked

PIX VS UPI, which is better? or which gives good competition to crypto

split41

India? We have a similar system, but just as UPI you can remit across borders, crypto is country-less and sending from state to state is no different from sending country to country (no issues with sanctions, no gouging FX fees, no days of waiting)

doggiedick

I don't know Zelle either but I come from a country where we have a thing called UPI which is instant and feeless bank-to-bank transfer. The chances of a similar system like this being adopted in your country is a million times higher and is more probable and practical than overhauling the entire economic system just because you don't have a certain service available now. This crypto mass adoption (depending on how you define it) is never going to happen. Speaking from a non-US person perspective.

Cheap_Being2231

1. we take him as a Lunatic 2. FedNow is basically same as UPI or FPS. but, it's not going to compete with Crypto. We use crypto not only for faster payments, but for privacy and control over money. 3. General thinking is, as they have FedNow, people won't use crypto for payments. That's a ridiculous claim.

TOXICCARBY

The Indian government already implemented this in the form of [UPI](https://www.npci.org.in/what-we-do/upi/product-overview). This isn’t meant to compete with crypto, it’s just an extension of the current payments system like credit cards.

coinfeeds-bot

tldr; March 29 (UPI) -- The Securities and Exchange Commission has filed charges against Artak Hamazaspyan, the founder and ex-CEO of Beaxy.com, for "raising $8 million in an unregistered offering of the Beaxy token." The move is the latest in a series of legal actions targeting cryptocurrencies and their improper use and sale. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

blah_bleh-bleh

This technology exist to reduce time in large scale trade. Companies could have instant settlement without any need of banks or a waiting period for transaction. This also bypasses any transaction fees that may be required for global transactions. We already have UPI for regular use. Yes it will be available for people. But the target market is mostly industry. This has nothing to do with Crypto. It might underpin Blockchain technology but it doesn’t target crypto market.

rcorum

People should look up UPI. That really is a thing that can compete with crypto for how fast money transfer works.

currymunchah

Is this instant payment service P2P? Coz India has a regulated P2P payments platform UPI (Unified Payment Interface) which was made to rival SWIFT and it does a damn good job within India. It still hasn't made a dent to investment in digital assets since well, it is a different product (service technically). In fact, despite a rigid environment for crypto investment in India, UPI now allows Indians to invest in crypto thanks to a recent tie up with Metamask. https://www.binance.com/en/news/flash/7400058

jaabaanz_parinda

More power to UPI

gwynbleidd2511

Let me make it simple for people : It's fucking useless at scale, other than for speculation & not even operating in the same realm or idea for which it was conceived. Micro-payments and instantaneous transfers are already here & even used by millions of people. Some governments & central banks do care about financial technological innovation and inclusion to actually bank the unbanked. These banks have launched services such as UPI launched USSD banking (i.e. banking without a smartphone on any GSM device), zero balance bank accounts for direct benefit disbursements for the poor....**already exists.** Similar solutions have been implemented by other governments & private players as well & they intend to proliferate them internationally. (PIX, M-Pesa). It was invented by libertarian technologists with noble ideals, but they failed to see, measure or capture industry's misalignment towards these goals & instead created a micro-financial bubble of speculation and fraud in a zero interest rate environment that lasted for decades. In fact, they actively enable or encourage this behaviour through terribly designed incentives.

Agreeable-Ad-2515

In India, its called UPI(Unified Payment Interface). You can send money to anyone anywhere in the world who is using Indian bank account without any charges and that too instantly. Digital transaction has taken over cash transaction in India big time.

PrashKiller

So, Indian UPI system but trying to bring into global scale.

kryptoNoob69420

A third world like India already has a feeless system called UPI. It has been a game changer. I really wonder why a technologically superior country like the USA has always been against feeless transactions.

jumbeldor

I think it will, but it's a long way down. It should be as easy as a simple set of clicks like upi payment in India. Even tech-illiterate people can use UPI gateways for transactions all over the country.

ImaginaryMarsupial38

UPI is used to send the bloody indian rupees which smells of shit, This indian rupee is the biggest scam used to rob bloody indians of their time though year on year inflation. everything in India is basically a scam just like india.

Concept-Plastic

wait what? how is UPI or India a scam lol

ImaginaryMarsupial38

UPI is a scam, just like India

Concept-Plastic

India is doing the same without the BTC but on a payment service called UPI. This is really interesting

doggiedick

India already has UPI payments working wonderfully. Unless the CBDC transactions are also free or they do something to stop UPI or make it worse, nobody's gonna use this.

daototpyrc

CBDCs are a half measure between traditional fiat and decentralized solutions. If nothing else, they will teach and reach more people quickly which will then allow the divorcing of the banks to be that much easier. I know this is a crypto sub and I'll likely get a bunch of responses on how they are the worst thing ever, but there is a little light at the end of the tunnel. In countries like India, with systems like UPI, the rupee is already essentially digitized with near instant payment and transactions. Not much to gain there with a CBDC tbh.

coinfeeds-bot

tldr; India's national payment network, the unified payments interface (UPI), is expanding its services beyond Indian borders, integrating with Singapore's PayNow rapid payment system. The integration will allow users of the two nations to send money across borders quickly. It is possible to send or receive money from India using only a UPI-id, cellphone number or virtual payment address for money held in bank accounts or e-wallets. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*

doggiedick

You forgot UPI in India. Instant, free, and direct bank-to-bank transfers irrespective of which bank is being transferred from or to.

doggiedick

“There’s fewer steps in transferring between 2 wallets than 2 bank accounts” is false, in my country at least. We have a thing called UPI which allows us to have instant, p2p and direct bank-to-bank transfer. It’s free because it is subsidised by the government. I don’t see crypto reaching this level of convenience ever and I imagine that in the future if crypto ever became successful enough to threaten the banking system and the economy, governments will use this as a trump card. Regarding international transactions, you have a point. And regarding the ease of setting up, I’m not very well versed in this so correct me if I’m wrong, but my common sense tells me that it is easy to set up a wallet only BECAUSE you have a bank account already set up. If you had no bank account and just $100 cash in your pocket and you wanted a wallet with $100 worth of bitcoin, you would have to still jump through a lot of hoops, maybe even more.

doggiedick

So why wouldn’t you use something like UPI for payments? UPI is an extremely popular way for payments in my country with free bank-to-bank transfers.

kvothe5688

CBDC 9r not. cash is going to die. just look at UPI transections growth in india

coinfeeds-bot

tldr; Feb. 15 (UPI) -- The Securities and Exchange Commission on Wednesday shared a proposal to expand protections for assets held by investment advisers to include cryptocurrencies. The proposal would expand section 411 of the Dodd-Frank Act to include "any client assets in an investment adviser's possession or when an investment adviser has authority to obtain possession of client assets." *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*

Derezal

Only reason this is happening is because the RBI (central bank) has mandated that all merchants will have to accept the digital rupee as payment. I really don’t see normal people using this as much as UPI (current p2p payment system) which is free and takes less than 2 seconds to send money on a QR code.

coinfeeds-bot

tldr; Metamask will integrate Onramp.money to enable seamless transactions in India. The integration will enable Indian Metamask users to easily purchase cryptocurrencies directly within their MetaMask using local payment methods, including UPI and IMPS. The partnership aims to drive the adoption of blockchain technology in India to improve user access to crypto and decentralized applications. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*

coinfeeds-bot

tldr; MetaMask has partnered with Onramp.money to give instant transaction access to Indian users. Users can load their MetaMask wallets directly from their bank accounts through Unified Payment Interface (UPI). The Indian government imposes a flat 30% tax on crypto gains and a 1% Tax Deduction at Source (TDS) when users sell their crypto. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*

o_LUCIFER_o

UPI was already making payments so much easier. And now Metamask using it for on ramp seems a great move.

StonedRex

Tl;Dr: >ConsenSys confirms leading Web3 wallet Metamask will integrate Onramp.money to enable seamless transactions in India, according to a company statement. >The integration will enable Indian Metamask users to easily purchase cryptocurrencies directly within their MetaMask using local payment methods, including UPI & IMPS, according to the statement.

DanPhilDan

You guys know UPI is much much much faster?

aj_katte

Maybe get Bitcoin on UPI

mamber7786

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.

Self_Impossible

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.

Benimaru101

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

omghag18

If they can achieve what UPI has achieved in India

PeRvYSaGe21

>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..

No_Sheepherder_3431

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?

Lookingforclippings

Sounds like you're just trying to advertise UPI.

CageMyElephant

We have Venmo and Cashapp in the United States but they have nothing to do with the fundamental value of what’s exchanged. The UPI sounds like great tech but there’s still an issue with the form of money you’re exchanging

thinkingperson

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.

chaoticji

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.

LumbridgePartyRoom

Yes, but almost all major websites which sell in India also give the UPI option? I have bought from Amazon, Steam, Epic and a few more all using UPI.

turboprav

UPI is not free, the banks and fintechs absorb the costs and that's why it costs nothing for the user. [Source ](https://economictimes.com/tech/technology/upi-free-but-banks-put-limits-as-norms-clash/articleshow/95198493.cms)

o_LUCIFER_o

Yeah the UPI was a revolutionary move. Makes transactions so fast and easy. Reminds me of Banano. Any monkeys here?

Derezal

>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!

Deep-Art3195

India has killed it with UPI. Its better than 99% of crypto coins. Its simple to use and extremely efficient.

omghag18

This is what I was saying yesterday, that crypto should learn something from UPI system

ricozuri

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.

ripple_mcgee

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.

crestnest

>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

NewPCBuilder2019

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.