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0.3-0.5% is still nowhere near the rates of visa and mastercard. Does UPI offer the same level of fraud protections or is it a free for all like Zelle is here i
by HaloZero 1mo ago
0.3-0.5% is still nowhere near the rates of visa and mastercard. Does UPI offer the same level of fraud protections or is it a free for all like Zelle is here in the states? Especially if they limit to > 2000 rupees.
Hopefully they allow foreigners some track to access UPI in the future.
- zipy124 1mo agoAren't debit transactions capped at 0.2% in the EU and credit 0.3%?
- KellyCriterion 1mo agoin the EU, yes, but not in India with UPI ;-)
- throwaway473825 1mo agoNo, those are caps on the interchange fees paid to the issuing bank. Card transactions have other fees as well.
- zipy124 1mo agoThat is true yes. The interchange fees tend to be the largest component though. The ECB reports that the average transaction cost of debit is 0.44% [1] [1]: https://www.ecb.europa.eu/euro/digital_euro/timeline/profuse/shared/pdf/ecb.deprep241218_erpb_Fit_in_the_ecosystem_Competition.en.pdf https://www.ecb.europa.eu/euro/digital_euro/timeline/profuse...
- danielmarkbruce 1mo agoVisa & MasterCards actual take is way lower than that. The fees that merchants see on cards are mostly collected by the banks - "interchange".
- thesimon 1mo ago> Hopefully they allow foreigners some track to access UPI in the future. https://havemony.com https://havemony.com Not cheap and only to business QR codes (so proper shops which probably will take credit card anyway), but it works.
- adrr 1mo agoMost US debit cards are 0.1%. Credit cards have to give the user a 0% loan for 60 days, someone has to pay for it including debt write offs. Can't compare a debt product with a cash product.