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Breaking News: RuPay Card and UPI International website launched

This is good.

Any info on whether UPI integration in Thailand is in the plan or possibility to push? With visa exemption for Indian tourists, it would be very much convenient to have UPI integrated across Thailand and other SEA countries. Both inward/outward/regular transactions, QR code based payment solutions are already well integrated in Thailand.
 
This is good.

Any info on whether UPI integration in Thailand is in the plan or possibility to push? With visa exemption for Indian tourists, it would be very much convenient to have UPI integrated across Thailand and other SEA countries. Both inward/outward/regular transactions, QR code based payment solutions are already well integrated in Thailand.
Currently, No but there is definitely another news related to Thailand.

Project Nexus is something that will connect all countries instant payment systems together, so countries won't need to form separate partnerships individually.

Read here - RBI join PROJECT NEXUS: Next-generation cross-border Instant payment.

 
An overseas traveler is bound to have credit cards. Much easier to simply tap your card than hassle with some QR code system. Imagine a payment failure. You would never be able to figure out what happened. At the moment, these initiatives are just gimmicks. They are good to have as backup but I don’t think anyone would really use them in the near future. I have travelled to over 10 countries in the past year and have spent nearly 6 months abroad. I happily tapped my HDFC Infinia and IDFC Wealth everywhere. I hardly ever use UPI even in India as tapping a card is much easier.
 
An overseas traveler is bound to have credit cards. Much easier to simply tap your card than hassle with some QR code system. Imagine a payment failure. You would never be able to figure out what happened. At the moment, these initiatives are just gimmicks. They are good to have as backup but I don’t think anyone would really use them in the near future. I have travelled to over 10 countries in the past year and have spent nearly 6 months abroad. I happily tapped my HDFC Infinia and IDFC Wealth everywhere. I hardly ever use UPI even in India as tapping a card is much easier.
The QR payment system works everywhere in Asian countries.

The US and Europe plan to implement a full QR payment system in the coming decades.

Visa and Mastercard have also launched the A2A open banking system to focus on QR payment systems in the future.

And don’t forget, UPI also supports NFC payments.

UPI payment success rate is now 99%, and so far, users of international UPI transactions haven’t faced issues like transaction failure and money debits.

Lastly, don’t forget that most people in the US and Europe still don’t have credit cards today.

If the US and Europe aim to achieve 100% digital adoption like India and China, they will have to shift to a QR payment system.

Europe has launched "WERO," a UPI-like payment system.

In the coming decades, you’ll see QR payment systems rapidly expanding across Europe.

NPCI International is already working with some US-based companies to bring a QR payment system across the entire USA.
 
The QR payment system works everywhere in Asian countries.

The US and Europe plan to implement a full QR payment system in the coming decades.

Visa and Mastercard have also launched the A2A open banking system to focus on QR payment systems in the future.

And don’t forget, UPI also supports NFC payments.

UPI payment success rate is now 99%, and so far, users of international UPI transactions haven’t faced issues like transaction failure and money debits.

Lastly, don’t forget that most people in the US and Europe still don’t have credit cards today.

If the US and Europe aim to achieve 100% digital adoption like India and China, they will have to shift to a QR payment system.

Europe has launched "WERO," a UPI-like payment system.

In the coming decades, you’ll see QR payment systems rapidly expanding across Europe.

NPCI International is already working with some US-based companies to bring a QR payment system across the entire USA.
It might even be 99.9999% percent and still be third rate. This is the case currently as well. UPI is treated as a gimmick by the vast vast amount of Indians as well as the government.
Easiest way to identify the government's apathy is special limit of 1L per day. I mean what and why? Are users children that they have activated a parental control? Then there is the second special apathy of NO customer care. There are frameworks in place to help out if credit card payments go haywire like chargebacks (to not get into it all the possible remedies), what to we have for UPI?
Customer will not and do not trust UPI beyond the basic daily grocery shopping. I have seen in restaurants and shopping malls when someone tries to pay using UPI and waving their phones like wands trying to catch a signal. No way to cancel a stuck transaction, no way to know about your money in limbo, and no rewards. It is a bottom tier payment method. It beats out cash and only cash for salaried people. So, less than 3% of the country's population in a vast sense. That 3% is slowly getting a bit wiser and will dump this system in a heartbeat as soon as even 0.1% transaction fees is introduced. I know the fees will add it in a slabbed system but then we will get to watch it stagnant together.
No one can and no one rightly trusts this stupidity beyond 5K. Ironically, the same amount that people and government, both recognise is near inconsequential. As this is the limit of Tap n pay without pin 🙃
 
It might even be 99.9999% percent and still be third rate. This is the case currently as well. UPI is treated as a gimmick by the vast vast amount of Indians as well as the government.
Easiest way to identify the government's apathy is special limit of 1L per day. I mean what and why? Are users children that they have activated a parental control? Then there is the second special apathy of NO customer care. There are frameworks in place to help out if credit card payments go haywire like chargebacks (to not get into it all the possible remedies), what to we have for UPI?
Customer will not and do not trust UPI beyond the basic daily grocery shopping. I have seen in restaurants and shopping malls when someone tries to pay using UPI and waving their phones like wands trying to catch a signal. No way to cancel a stuck transaction, no way to know about your money in limbo, and no rewards. It is a bottom tier payment method. It beats out cash and only cash for salaried people. So, less than 3% of the country's population in a vast sense. That 3% is slowly getting a bit wiser and will dump this system in a heartbeat as soon as even 0.1% transaction fees is introduced. I know the fees will add it in a slabbed system but then we will get to watch it stagnant together.
No one can and no one rightly trusts this stupidity beyond 5K. Ironically, the same amount that people and government, both recognise is near inconsequential. As this is the limit of Tap n pay without pin 🙃
Card payment success rate also 99.9999%. Card companies officially told 99.9999% success rate. They also never claim 100%.

UPI Circle - UPI has launched a "UPI Circle." You can control your child's transaction limit without the need for them to have a bank account. Parents have full control.

Search for "UPI Circle" for more details.

UPI dispute - Real-time online dispute resolution options have been launched in UPI.

99% of UPI issues are resolved in real-time within 1 minute.

One piece of advice: avoid using SBI Bank's UPI, as their servers are down most of the time.

Currently, this real-time online dispute option is live only for UPI linked to bank accounts.

Most importantly, UPI disputes now follow EMVco transaction and dispute guidelines, the same ones used by Visa and Mastercard.

There’s no need for a separate customer care service for UPI. Do Visa or Mastercard have their own customer care? Banks handle everything.

UPI's chargeback process is much faster and better than card payments.

The only issue is that some bank employees still don't fully understand UPI disputes.

However, many banks are pro-active in helping with UPI disputes.

You can now raise UPI transaction disputes directly from the 'help section' of UPI apps.

One problem that was occurring earlier was that banks would close disputes in favor of the acquirer bank without listening to the customer's side or any evidence.

Recently, NPCI issued a circular instructing banks not to resolve disputes in favor of the acquirer bank without proper evidence.

You can read the new guidelines, UPI dispute reason codes, etc here: https://www.npci.org.in/PDF/npci/up...of-NRP-PRD-process-arbitration-guidelines.pdf

UPI Rewards - Speaking of rewards, credit card linked UPI already offers rewards, and in the future, the UPI reward rate will be increased.

Debit cards - their usage is decreasing not just in India but globally, including in Western countries.

And don’t think that the decline in debit card usage in Western countries is solely due to the rise of credit cards.

Open banking (A2A) payments are becoming very popular in Europe and the USA.

A survey in Europe has shown that Open banking (A2A) payments will surpass card transactions and become the no. 1 payment method in Europe.

UPI offline payment 'UPI Lite & UPI Tap & Pay', 0% UPI failure rate - You haven't heard about UPI Lite? Many people in India use UPI Lite, which doesn't require an internet connection and has a 0% transaction failure rate.

Recently, the UPI Lite (also UPI Tap & Pay) wallet limit was increased from ₹2,000 to ₹5,000, with a transaction cap of ₹1,000.

I think the limit will eventually be increased to ₹15,000 in the coming years.

UPI MDR - for normal bank account link UPI, MDR is never going to be introduced for small merchants.

The govt earns billions of dollars (Actually, saying "dollars" would be incorrect; govt earn in rupees, but you can understand it as the equivalent) in indirect profit from UPI transactions.

UPI did charge MDR fees initially until 2019, yet people still used UPI on a large scale. Moreover, the maintenance cost of UPI is very low.

The govt only needs to spend a small amount for UPI maintenance, and the indirect profit is 1,000 times higher than that.

Lastly, let me say one thing. Maybe you're so busy exploring the rest of the world. that you're unaware of the new developments happening in India and with UPI.

UPI has improved a lot. Personally, I feel it will dominate every field by the end of this decade.

And the most important thing is that seeing UPI's success, the USA and Europe have launched UPI-like payment systems (FEDNOW & WERO).

Additionally, Visa and Mastercard no longer officially call themselves credit card companies. They have heavily invested in open banking (A2A) payments in the USA and Europe.
 
Short form aisa bann gaya hai, nahi toh full name NPCI International Payments Limited (NIPL) hai.
Toh naam hogaya..
National Payments Corporation of India International Payments Limited.

So the website name could have been:
NIP or NPCIIP - not many companies put 'limited' in the website name, even if it's a limited company.
NPCIIL or NIL or just NPCII - what's the logic/benefit in writing payments twice in the name.
NIP dot com and NIL dot com may not be easily available or cheap. We could have tried other TLDs like dot in or dot money or dot pay
.. but no..
It has to be NIPL dot com 🙃
 
Toh naam hogaya..
National Payments Corporation of India International Payments Limited.

So the website name could have been:
NIP or NPCIIP - not many companies put 'limited' in the website name, even if it's a limited company.
NPCIIL or NIL or just NPCII - what's the logic/benefit in writing payments twice in the name.
NIP dot com and NIL dot com may not be easily available or cheap. We could have tried other TLDs like dot in or dot money or dot pay
.. but no..
It has to be NIPL dot com 🙃
NPCIIL is nice name.
 
Card payment success rate also 99.9999%. Card companies officially told 99.9999% success rate. They also never claim 100%.

UPI Circle - UPI has launched a "UPI Circle." You can control your child's transaction limit without the need for them to have a bank account. Parents have full control.

Search for "UPI Circle" for more details.

UPI dispute - Real-time online dispute resolution options have been launched in UPI.

99% of UPI issues are resolved in real-time within 1 minute.

One piece of advice: avoid using SBI Bank's UPI, as their servers are down most of the time.

Currently, this real-time online dispute option is live only for UPI linked to bank accounts.

Most importantly, UPI disputes now follow EMVco transaction and dispute guidelines, the same ones used by Visa and Mastercard.

There’s no need for a separate customer care service for UPI. Do Visa or Mastercard have their own customer care? Banks handle everything.

UPI's chargeback process is much faster and better than card payments.

The only issue is that some bank employees still don't fully understand UPI disputes.

However, many banks are pro-active in helping with UPI disputes.

You can now raise UPI transaction disputes directly from the 'help section' of UPI apps.

One problem that was occurring earlier was that banks would close disputes in favor of the acquirer bank without listening to the customer's side or any evidence.

Recently, NPCI issued a circular instructing banks not to resolve disputes in favor of the acquirer bank without proper evidence.

You can read the new guidelines, UPI dispute reason codes, etc here: https://www.npci.org.in/PDF/npci/up...of-NRP-PRD-process-arbitration-guidelines.pdf

UPI Rewards - Speaking of rewards, credit card linked UPI already offers rewards, and in the future, the UPI reward rate will be increased.

Debit cards - their usage is decreasing not just in India but globally, including in Western countries.

And don’t think that the decline in debit card usage in Western countries is solely due to the rise of credit cards.

Open banking (A2A) payments are becoming very popular in Europe and the USA.

A survey in Europe has shown that Open banking (A2A) payments will surpass card transactions and become the no. 1 payment method in Europe.

UPI offline payment 'UPI Lite & UPI Tap & Pay', 0% UPI failure rate - You haven't heard about UPI Lite? Many people in India use UPI Lite, which doesn't require an internet connection and has a 0% transaction failure rate.

Recently, the UPI Lite (also UPI Tap & Pay) wallet limit was increased from ₹2,000 to ₹5,000, with a transaction cap of ₹1,000.

I think the limit will eventually be increased to ₹15,000 in the coming years.

UPI MDR - for normal bank account link UPI, MDR is never going to be introduced for small merchants.

The govt earns billions of dollars (Actually, saying "dollars" would be incorrect; govt earn in rupees, but you can understand it as the equivalent) in indirect profit from UPI transactions.

UPI did charge MDR fees initially until 2019, yet people still used UPI on a large scale. Moreover, the maintenance cost of UPI is very low.

The govt only needs to spend a small amount for UPI maintenance, and the indirect profit is 1,000 times higher than that.

Lastly, let me say one thing. Maybe you're so busy exploring the rest of the world. that you're unaware of the new developments happening in India and with UPI.

UPI has improved a lot. Personally, I feel it will dominate every field by the end of this decade.

And the most important thing is that seeing UPI's success, the USA and Europe have launched UPI-like payment systems (FEDNOW & WERO).

Additionally, Visa and Mastercard no longer officially call themselves credit card companies. They have heavily invested in open banking (A2A) payments in the USA and Europe.
I appreciate your passion for UPI. Let's hope it ends up as successful as it is planned to be.

Just a couple of points I wanted to highlight:
  • Success rate for credit cards is highly inconsequential. This is because your money is never stuck in limbo. You can dispute the transaction, cancel the transaction, refuse to pay, etc etc etc. From a purely customer's perspective, the money leaving your bank instantly is a net net loss.
  • UPI circle is for you setting parental controls. In my original post, I was talking about the parental control set by government.
  • I am not sure where UPI disputes have been resolved. I have had issues with peer to merchant as well as peer to peer payments. I do not use SBI, only Kotak Rupay or HDFC and in various instances, all I can hope for is money to be returned. It ****ing fails and money is deducted. Writing to these banks, by no means small banks, is NO response. All they write back is wait for 5-7 business days if they even bother.
  • In your provided article for aribitration, it is asking for $$$. Why on god's green earth would I ever pay over 3K for a dispute of <5K? Bhai, have you ever raised a consumer court complaint? That takes so much effort and pain from your side for not even a slap on the wrist for the offending company. Same here, so much input from your side, for NPCI to sit on their haunches? It is a private org masquerading as a government entity with no accountability.
  • I have used UPI lite when it was initially launched by Paytm 🙂. All fluff and no sustenance. Again, not worth the hassle.
I will end my final thoughts on this topic with the same point as I mentioned before. No benefit to over 97% of the population who are not living off of white money. Those who are living off of white will understand the pros/cons of UPI and credit cards in due time. Just an experience from 3 days ago when I was paying for a gym membership via credit card. The trainer was asking me why credit card because he had to start the POS machine just for me rather than the QR code. I said I can get 3-4% back. He said 200-300 kae liye itna yeh woh. I said there is no limit to the amount of cashback. Then he understood the point of the credit card 🙂.
 
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