UPI Is Going Global; But Why Does US Fear UPI? | India's UPI, A Concern For The US?
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- เผยแพร่เมื่อ 16 ก.พ. 2024
- UPI is going global. France, Bhutan, Oman, Sri Lanka, Nepal, Countries in the Southeast Asia, Mauritius and soon even the UAE, All these countries have come forward to accept India Unified Payments Interface. And why not? UPI is like India’s Favorite Child. The payments interface has the global CEOs of big tech going Awe of. One app for all payments. Sounds cool right and India is the world’s largest payments ecosystem even beating the world’s largest economy the US in the fintech revolution. So, What does the internationalisation of UPI mean for the rest of the world and why should the US be worried about this? Pallavi Sharma explains
#upi #upinews #upiglobal #upiinuae #upiinbhutan #markzuckerberg #etnow #etnownews#etnow #englishnews #trending #topnews
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I insists on paying through only UPI, when travelling in India. The method is simply seamless and extremely convenient particularly when one is short of changes or small denominations of currencies. I feel also confident to use UPI as it's backed up by the government. I'd welcome UPI's introduction into the UK.
A visitor from UK to India would first have to open an Indian Ruppee account before using UPI. Not an easy thing.
@@londondisc It will only take 2 minutes to open and setup your account, services are available on airports also.
You can convert your money into inr at airport itself@@londondisc
@disc nope , you guys being part of G2O can use UPI ONE WORLD APP which is similar in use with specific changes: just like a filling an online wallet and use as normal UPI anywhere in india , G-2O valid citizens + NRI allowed to have carry it
how its work : you just need to request your RBI authorised dealer or airport currency exchange to deposit your exchanged money into UPI ONE WORLD, they will alot you a unique number as identity to transact usually a kind of mobile number and you can refill if needs more , also can withdraw the leftover amount in old exchanged currency eg pound without charges when you going back
@@londondisc Credit cards can now be connected to the UPI app, though currently that too is indian payment network Rupay, but i can see people being able to upi pay via visa or mastercard in the coming future.
2% charge on the sales endpoint is removed, I think. That is the main difference between credit cards and UPI.
Pl explain other than GOVT funding how does it pay its expenses to keep the system running?
@kvapower3925 Now, it has added 1.1% transaction charge on Cross wallet transaction for amount greater than 2000. For a citizen who is paying taxes on the purchase of the product, I think the government can bear the cost of the infrastructure that runs the transaction.
@@kvapower3925 more over with amount of transaction the system is never without a transaction and hence there is no money spent on wastage of allocated resources. It is simple
every where is UPI accepting but in Andra Pradesh Wine shops which are running by Govt are not accepting UPI. Jai Jaglaq..Jai jai Tugluq...
Black money😂😂
Its definitely black Money.
They don't want government to know.
Jagan is the adopted son of Modi
Andhra drohi modi
As a citizen of AP I can totally understand this. The worst part is people are buying cheap liquor for higher prices. Thanks to the people who voted for the current govt.
Are they accepting debit card or credit card?. If yes then not black money
BIMSTEC Nations should adopt UPI.
UPI should be made available in Bali Indonesia aswell
It is not the payment mechanism but the currency going global
Hilarious.
Gobar bhakti pro max
@@TheGeorgeous Cry harder 😂😂 it's funny
Lol, i would be prouder than you if it was true, but to be proud before an achievement is called failure.@@manon2wheels771
@@manon2wheels771 Celebrations without achievement is a sign of low self esteem.
Like your lowly existence@@TheGeorgeous
USA should embrace it like we embraces mastercard ..
And understand that India has developed a better payment system .
And it's time to move on
Payment Gateway Solution | Online Payment Processing | Fiserv
Fiserv payment gateway offers credit and debit card, digital wallet, UPI, EMI and net banking payment acceptance from your website or app
Fiserv is a US Company supplying this software to India for many payment channels in India.
US and other nations have better stuff than gobar india 😂
Likewise, there should be a way out for barter system to prevent surplus growth of vegetables... fruits or grains going waste in exchange for what is available in surplus in other country...
A govt. can't do it because if they done it then the farmers will protest for the same saying govt is against farmers..
@@letitgo151 farmers may not be loose or benefit much it is big merchants then big corporates because prices are purely decided by marchent or super marchent 😂😂😂
6:15 AM Some explain other than GOVT funding, how does the system pay its expenses?
Visa and master will play a major on US sansation .. like they stopped the payments operation in Russia
2:08
You should check your data again from official source NPCI not from some third party site
I have no knowledge in this area, but UPI is the best, it made my life soooo much easer, in past month I used cash 2x.
Can you make international payments via UPI? Even the domestic payments will be routed through their domestic bank enabled UPI. How does it benefit us? It's as similar as you using Google, Facebook, Insta or other app made somewhere else. NPCI wouldn't be getting a major cut in the transaction charges.
Many steps are there…. They are going on that steps….. you can’t go step100 from step 1… it having 99 steps to go 100th…. It takes time…. Just appreciate the system
It's all abt Rupee Acceptance and NRI'S can buy made in Indian products with a click from anywhere in the world, no middle man. Indian diaspora can be connected to India always😊
Aim is not getting a cut but saving on remittance fees. After all we get hundreds of billions of dollars in remittance
@@indian9632 But without GOVT funding how does it sustain?
@@kvapower3925 fair point. Some day trx will need to be charged. But i dont think you understand the scale of this. Even a small charge of 0.1% would be more than sufficient to sustain the platform. Economics of scale always make things cheap, even when its digital payments.
Ohh and forgot to mention, the remittance savings from this would be astonishing. Which would greatly benefit India considering its the largest remittance receiver on earth !
UPI number is not a number but code generated with 1 or 2 banks collaboration. So that they can secure it from hackers.
Encryption is nothing but aptitude question like romeo Juliet letter 'a' showed as 'e'.
Encryption runned by hackers also to be checked which is difficult unless we know encoding techniques.
Card can be any card debit credit any currency USD GBP AUD etc
well summarised
US does not worry, SWIFT payment systems, banks and visa / MasterCard will worry.
True.. but these are the things gives power to US.. so US does worries
less need of us dominies less us dominance less use of US dollar higher interest rate for US consumer
@@amitabhranjan9668 that is misunderstanding of economics. These companies give no power to the US.
It's the equivalent of saying Japan is worried Toyota loses market share to local competitors.
@@AdityaJape Indians using visa or MasterCard does not mean Indians using us dollar. It only means they make a merchant fee from those cards. That amount impact on the us economy, Indian economy and geo politics is miniscule.
But jingoistic posts that claim India has thwarted the US Domination is valuable for the ruling govt fed media empire.
Again, partial information. Russia was sanctioned and Visa and Mastercard stopped working, what was the tangible impact ? Inconvenience. Visa and Mastercard just like McDonalds entered russia for profits not geopolitics. When they were stopped, Russia uses their own MIR and Union Pay from China to solve the issue.
India has had rupay from a decade ago, it would have replaced Visa and Mastercard eventually as its cheaper and serves the purpose for domestic customers. Same with China and most major economies.
Finally, any nation which is worried about sanctions from the US would find it very easy to make their own card network, all it takes is intent. @@user-wc7yu9nh9c
Well done 👏 very well narrated 😊
Virtual capital, and credit growth of India will fast move. Even India capitalize respected, residential/ commercial land ( assets ) ,No other countries, matches its value. The individual net worth, beyond anyones imagination.
Keep dreaming 😂
@@Jesssco ,What do you know about economy??
Great initiative ❤
It's incorrect that there was no credit card and debit card payment system in India when UPI was launched...what kind of research team you have.. I have been working in Banks for the last 20 years. In India and UAE both countries.
Unlike any other digital wallet, UPI's "wallet" is in INR. Hence, if UPI goes global, it will be a big boost to INR as more and more transactions can be seamlessly done in INR via UPI. India should agressively push this technology in the developing world so that their default currency becomes INR.
Card lobby is strong in middle east also
Good Reporting
Great 👍
Good reporting
People don't realize the extent of this revolution! It has been 4 years since I withdrew pocket cash from banks! Needing to carry cash when going abroad seems so weird!
Isn't it one massive GPL to the US!?
In the West small shops restaurants newspaper vendors have a small hand held machine to accept payment. Tap your card and all done, less than 5 seconds.
Still the shops need the hand held device. Its all mobile in our India. Scan and Pay. Done.
No card, no mashine, it's so convenient
In India also tap card payment is available in debit cards.
Just scan the QR code kept in shops Customers name is flashed in ur phone screen. Key in the amount to be paid and confirm payment by your special PIN.
@ravindranmokkilmaruthur23 In the West no phone is required no registration with bank can use any cars, just touch machine. Payment software is provided by Fiserv a US company. Fiserv also provides software for Rupay, Razorpay etc.
I carry 50 rupees in my wallet...and some 5 to 10 rupees in coins. That too is for occasional roadside Chais in some remote areas I often venture too, where a few of them may not have the UPI option..
That sort of use by every person gives massive power to the banks and government, leaving you in charge of less of your assets. Not many across the world are willing to entrust their govt with all of their money
@@TheGeorgeousit helps the govt to catch tax dodgers
@@TheGeorgeous in case u forget...the money itself is issued by govt .so, whether u carry cash or not, they own the money eitherway. Also, the system is not run by the govt..it's an open system developed by govt and is accessible to all private players, fintech and banks. They built their apps, protocols over it to make it seamless and ubiquitous. So, using it doesnt mean you are handing over everything to govt...you already handed over everything to govt and private players when you became part of the formal economy, So, unless you're still bartering using gold and other raw materials and not a part of the formal financial system, this doesn't make any meaningful difference in terms of handing over control.If you are a normal person who use banking and other monetary services, you are already in it. It's just that these systems are integrated and realtime now and completely free of any hidden charges, so things are much convenient. The only people who need to be scared of this are the ones who want to do illicit stuffs or invade tax. And finally I have heard this statement before, it's raised by some people from some country who are just jealous of this awesome system and try to undermine it.
Good 👍👍👍👍👍👍
Usa k website main kavi nahi hoga sayad 😅 PayPal se lena parega
Why not UPI in Russia ?
Very soon it will come
I would luv to use easier payment.
Right brother
The biggest issue isn’t simplicity it is security and risk. With credit cards and Apple pay I have no risk. Can UPI deliver the same level of risk?
Yes
UPI is far more secure
Upi is like gobar modi 😂
All countries need to come with international money system. Old systems dont work.
Phone pe is used more than Google pay. So the video forgot about Phone pe app.
Phone pe is funded by americans. 😂
incident 1: when i was studying class 8th, i went on holiday to my uncle's house, it was his salary day. while he (my uncle) returning from his office with his salary his bag was looted, he lost all his monthly salary. my father who came to uncle's house to pick me back helped him by giving some money.
incident 2: When i was doing my 6th class my father gave 1000+ rs to pay it to the milk man in the bazaar. on my way to his shop some unknown person acted like my relative took me in wrong roads and took away the money and left me their itself, after about 5-6 hours of search my father found me and gave me nicely there itself.
If UPI was there at that time, both of the above incident would have not happened
Sweet memories, thanks that incident happened to me in my childhood does not happens to this generation
Will UPI offer points, lounge access , welcome bonus etc,?
not UPI, but rupay card does
You think the US, that still follows the FPS system and abhors the SI Metric system standardized almost 150 years ago gives a fig on something like UPI which is fraction of the global transaction in nominal USD? US will do what it wants, and unfortunately the rest of the world follows it.
Why do news channels talk about the USA?
UPI is not going global like Visa and MasterCard. An Indian with an Indian bank account and UPI can buy a ticket to visit the Eiffel Tower using UPI. But a French with a French Bank account or a Sri Lankan with a Sri Lankan Bank account cannot use UPI to buy the same ticket.
Its therefore a payment option for Indians in some countries outside India. Its not unlike WeChat Pay and Alipay available in many parts of the world for the Chinese to use.
So, its got a long way to go before we can call UPI truly global and say other countries are "adopting" UPI.
Next step: Make Sri Lanka a part of India. There's no other country more Indian than Sri Lanka.
Yeah all the wste gobar peoples unite 😂
❤❤❤
UPI takes care of small amounts.
US is opposed to UPI because it means huge losses to VISA and Mastercard.
I have 153 in my leather violet for the last 4 months 😂😂😂😂😂😂😂 only UPI and PhonePe only
In Sweden there is a similar but a bit more advanced system called Swish. Same as UPI.
Advance in what term ?
@@IndianMusic.shorts google search Swish and Bankid in Sweden.
@@IndianMusic.shorts google it
Every country to judge the policy that suits their demography, economic structure, culture and should not be forced to adopt other country policies for their country’s advantage. India should continue to work on reducing master card/visa dependency. If master and visa is much concerned on their business impact why shouldn’t India?
Very bad report. Everything that is available on the internet. You could have spoken how this will impact the currency valuation.
Can u elaborate?
Isn't UPI only debit based? All US transactions are credit based.
Visa and master should themselves transform to be facilitators who shall publish upis.
UPI is forced on Indian banks. If Indian banks especially private get an option they will immediately dump upi as banks bear a lot of infra cost & not earn even Rs. 1 from upi transactions.
I literally could do that with Apple Pay or Google Pay. Nothing new.
Pity your knowledge
@@dineshmr4372pity your gobar knowledge 😂
And RuPay card would be a last nail in the coffin.
Government should take initative to promote UPI based credit card system to teach a lesson to VISA & MASTERCARD
❤❤❤😊😊😊
We must proud of our country
Tbh, cards are very much convenient than QR payment system.
Then give extra money for MDR in the card system.
UPI is future proof and free no MDR
@@amzy3142 I pay the same regardless of MDR. In fact I get 1.5% back when using card
Yeah I know Remembering Upi pin is way more hassle than the risky cvv of the card along with expiry date 😔
UPI is the brain child of Former RBI Governor & Renowned Economist Reghuram Rajan 👏👏👏
Bye bye visa..mastercard..amex. cool cool jai bharath.
Gobar bharath 😂
India should charge a nominal fee of 1 rupee for domestic and 1 cent for international transactions.
Rs 100
Will never use it.
Some are hype ,, America is stil stock on Imperial , Miles , Farenheit , Ounces( abr as Oz - how crappy is that ) Pint and lbs for pounds -- Are they being afraid or simply dont want to change - reluctance to change - Big nations have the problem , hard to bring change
What is the meaning of going global if it only works with Indian banks🤔🤔
If you use anything to do with US --> expect sanctions!.
India should always have alternatives.
Jagalaq govt is not accepting UPI at liquor shops
Is that govt mandate or wine shop mandate ?
I don't think any vendor is required to make UPI payment available mandatorily. Reliance smart points and petrol pumps did not have UPI until very recently
UPI looks simple on the surface, however its very complex to get seamless realtime payments completed, with security, for all kinds of transactions. Not the least is internet access that is responsive, and works for millions of people across the country.
It is a security threat 😀😀
It's security is very good
No I don't carry cash...
Chaiwala also has upi is a big win
I can make 1/- payment also...hahaha. jai bharath
24/7 workings bank ❤❤❤❤❤❤❤❤❤❤❤❤❤
P. Chidambaram and khangress will be crying in corner 😂😂😂😂
Fool UPI was initiated during Congress rule.
Kenya the cashless country
US already has cashless system . UPI wouldn't nake much impact here. System like zelle are here .
US doesn't fear UPI. Au contraire, americans would never allow the government to have this much control over their spending.
The US government doesn't have control over the dollar, it's the private FRB that controls the interest rates 😂😂.
@@bharathikannankumarasamy7250 Nah, that ain't it. Do some research.
@@_VeracThen who prints dollars is that is govt?
@@arunkris7299 yes, like every other government. What's your point?
certain things are better left unsaid. Don’t develop this chest thumping we will complete with the biggest power in the world .. while you are just leaning to standup on your own feet.
sis, S E Asia is not a country
Problam is not about medieum of payment network, issue is with the currency that is inflated and make people hard earned value loss over a peroid of time, devaluation of money is the real threat thanks to the kenyson economic monetory system..
Without inflation, there is no incentive to spend, if your money is more valuable tomorrow than it is today, you will not spend it. The issue is not with the monetary system, but the way its impact is regulated and managed.
Congress started all but bjp is taking credit
source ?!
congress literally made fun of this system.
Listen to that congress asshole chidambaram say about upi 😂
ഇതൊന്നും നടക്കില്ല എന്ന് പറഞ്ഞ ഒരു സാമ്പത്തിക ശാസ്ത്രജ്ഞൻ കേരളത്തിൽ ഉണ്ട്. 😅 പേര് തോമസ് ഐസക് 😂
Because we don't fear the UPI, there's been absolutely no talk about it in the US. If it arrives, we have another payment option.
Yeah say that to VISA and Mastercard. They are shitting bricks
@@anandmehta2323 they should be shitting even more bricks. Discover was just bought by Capital One. Discover is the 4th biggest payment network in the US. And capital one is a major credit card provider.
My point is, their troubles extend far beyond India. My criticism is of misleading news titles like this. Godi media.
Misleading propaganda. It is for Indians only. So its not like all shops in Italy are going to have UPI QR codes
It's already goes global many countries have accepted it and many are discussing with government.
Any mistake in india not body is accountable
If you make a mistake in USA they sue you for thousands crores. It will never come unless they develop their own operating system don’t you worry . Apple Pay and Google pay have heavy restrictions across world and hence spending heavy
Yes why should US be worried?, when even qualified Indians dont use UPI,even I would say system is not yet ready for it to work properly
😂 in what world do you live sir? I have not touched cash in last two months thanks to UPI.
@@XYZ-pn2dm thats because you need it,it does not mean everyone would need it
@XYZ-pn2dm in India 80% is still cash in the economy,where does it go,even politicians need it
@@arvindkatiyar526shut up illiterate first study then tell upi is so reliable and very secure.
UPI is not a sustainable system. It's backed up by the government funds and the UPI apps don't make money thru the transactions, but only through selling additional stuff like train tickets. Credit cards on the other hand are sustainable where the sellers are charged. Also the the buyers are getting additional benefits with 0 percent installment plans and offers. UPI is just as good as a Paypal wallet with the QR code scanning facility.
Don't worry it will make money after some times if they create monopoly
@@PankajSingh-jc2rt Yes.. that's right.. For the moment, it's offering freebies until they capture both the local and foreign markets. Typical sales strategy.
Don't fool yourself. Cannot use UPI abroad and they day NRI can Use. But no big NO cannot use
UPI JINDABAD
Modi has motivated a novel system. Connecting mobile and bank. Visa still uses a plastic. On way out
UPI project was initiated by NPCI in 2012 during Congress rule and launched for public use in 2016 during the BJP rule. Don't give credit to Modi for everything and become his fanboy. Let's be responsible citizens.
Like many steps this also was made into success with motivation.
@@shankar49677 Yes, motivation from both the governments.
The UPI is successful not because it is Indian or because it is innovative. It is successful only because it is free and follows the aggregator model.
The profit generated by the alternatives in this industry are 100s of Billions of dollars a year and that profit motive is what drives these companies to lobby nations.
Goes to show you, how many other industries could be progressive if the concern was sharing the benefits instead of profiting off of the industry, Medicine/ Food security, Housing to name a few. Socialism of Needs > Capitalism of Needs.
Finally, the international UPI is not free but is just a replacemement of the international fund transfer, you will be charged a fee by the bank used and a markup on the foreign exchange rates, leading to it not being as readily adopted as UPI was domestically.
When was the last time you got proper reporting from Godi Media ?
It's INNOVATIVE and Visionary product, whose power comes FROM linking to many other products.
It's free, easy, fast and no extra complexity added. It can be used in using IVRS mode and sms too.
It's works even without Mobile once linked 😂 to account.
USA is credit based economy, if UPI can implement credit cards with same no transaction fees, then Yes, if not I am so happy with my credit cards and rewards I am getting here in USA.
I am using UPI during my India trips. Not like wow, or miracle. USA also they have PayPal , Zelle .. etc for payments to local vendors from savings accounts. Nothing new for them. Visa and master card don’t need to lobby, as local people itself won’t really accept this foreign payment system with no extra benefits.
I use cards 90% of the time. It is way secure and convenient when used in conjunction with Apple Pay. I rarely use QR payments, as it is less convenient, though we have high reliable QR payment system in SG.
Lol, it's true that upi is very progressive. Poor audio
Stop dreaming and pandering to Modi... The west can replicate this upi very quickly. They dont need india in between. It's just that there are certain interest at stake. India needs their chips and ics without which there is nothing.
US owns google, apple, amazon, fb, WhatsApp, Microsoft, Oracle and many giants and all Indians 😂
Almost all are run by Indians and have Indian ceo s
@@dineshmr4372 Need for marketing. They own these ceo s
But without indians this companies never become so big
@@Pragyesh76 🤭🤣
@@nato6648 Today India is winning with its it giants like tcs,infosys, wipro,hcl ,tech mahindra . And all western giants are there customer
LOL, who is gonna take Indian rupee
Indians abroad stupid, which is more than the size of some countries 😂😂😂.
Sooner than you think!
I am surprise you are Indian or not . Doesn't seems you are Pakistani bot
I am never gonna use UPI
Upi is not the next big thing
The US just made it's own version of UPI.
the UPI clone which US made doesn't have the robust features that UPI has, UPI can be used offline, UPI can be used in non-smartphone even on button phones as well, and it is real time payments.
us banks may collapse indian banks won't 🤣
US don't need they use NFC contactless. Plus they're working more to make a better version.
Fed now it is, they plan touse it to deliver CBDC, which happens after collapse of Dollar, thar too copied from Bharath Digital Rupee
You insist US to worry