India also made it easy for people to port their phone number between providers. This enabled users to stick with one phone number and not worry about updating their aadhar everytime they changed providers
You Did made a valid point of expanding UPI by making it more accessible to foreigners instead of signing agreements from various countries. UPI has the potential of becoming a product which world uses just like many products that have been coming in from USA , China or EU.
Moved to German in 2015 and I can say this India is miles miles ahead of most of European nations too. Especially Germany which is still stuck on faxes and letters. money sent to a bank still takes 2-3 days to get deposited in target accounts. no QR codes nothing.
UPI is already accessible to all G20 countries tourists through a wallet system. International tourists can use them as per their needs without having a bank account in India.😊 It will be further expanded to other countries as well.
the point he was trying to make was to have UPI link between say Amex & Indian banks then the need for wallets is void and true purpose of UPI that is bank to bank transactions can go global
In my opinion, why UPI cannot collaborate with international private players is because all these players are a profit making enterprise and charge a decent amount as commission. Whereas on the other hand UPI is free and not a profit making company
UPI is free because now the govt had your data. The "fee" is hidden in the billions of cost saves the govt will have if they had to buy your identifying data.
@@rajcha8976 but you need give data. it doesn't matter if it's private companies or govt but rather who you would trust and that's why upi not a profit making system for Indian government. But I don't really understand that much about online backing and how it's work behind the scenes. Just what I think.
@@yam2050 I know nothing is free and the govt is incurring the cost, in this years budget also provisions were there to keep UPI afloat. The question is how many foreign govt will incur these charges. Also if charges are levied, they will be much cheaper than other payment methods. Consider it as a customer acquisition cost
100% agree on point of introducing some version of UPI so that foreigner travelling India can quickly setup and use the UPI feature without any hassle. Government should think about it, it will be a boost to tourism sector too.
It’s already in place, at the airport foreigners can transfer cash to their UPI account for spending. The service desk helps them create the wallet and set it up
They are comparing UPI with wechat and visa but India is competing with SWIFT network, initially start with remitting money or indian tourist can use UPI in offshore, then same method will be used for those countries expoter/impoter and vice-versa
You are right, there are much more intelligent people sitting out there working on UPI, and these people are comparing it with wechat😂 and giving suggestions how India should expand upi
A great discussion! Glad to hear some good discussions happening. If and when UPI goes global, it would serve one of the purpose what crypto was planning to do. Hope to see more products go global.
UPI is actually now available to foreign tourists coming to India even if they dont have an Indian bank account. That pipe dream came true sooner than anticipated.
There's a few mistakes and different approach you guys took! You were absolutely correct and statistically sceptical which was very nice to see... But although we compare it to wepay or alipay! UPI is different! UPI is a part of stack... Which enables products like ONDC & OCEN to nurture too, which others don't. And also, if you read the doc/mou between the countries accepting UPI you'll get to a clause where they can transact with other upi enabled country too which is different and unique from other parties. UPI sharing agreement is free digital public good so sharing will be with govt and not private individuals! Which also embarks a rapid trusts with citizens and govt! The stack includes unified digital structure for hospitals/healty and also logistics(national logistics policy) and also Govt transactions (G-em) which (technology) can also be shared in future in the name of INDIA STACK. Hence UPI is just the opening of export of digital goods! So although I trust you guys much more than random ass articles, I would still suggest you to have bigger picture! 🇮🇳
How does India control the flow of funds on international transactions as it's instant and may not be easily tracable if bad actors use upi for criminal activities. FDI and banking outside India is highly controlled today. Do you know if India will charge a 5% tax on international UPI transactions like they do with international credit card transactions. UPI has no insurance or support for fraudulent transactions as it's free, so it's very susceptible to fraudulent activities, and there is no incentive to fix the problem. As it's instant, reversing errant transactions is not possible.
The RBI has allowed UPI transactions for travellers from G20 countries. The Reserve Bank of India had issued a circular in February this year, allowing access to Unified Payments Interface (UPI) to Non Resident Indians (NRIs) and foreign nationals visiting India.
He is absolutely right that what works for India won’t necessarily work for other countries and somewhere the offering has to go as a global offering and not targeting smaller demographics focused on India
My uncle (fathers cousin) moved to Uidai from Infosys at start of aadhar as a manager. He used to live near my home in bangalore .He was there for long time Now i feel really proud that someone who i know and from my family has built growth engine of indias financial success
If it scales like what you said in the end, then there is no stopping for UPI to become a global payment system...but interlink of different banks from different country takes time if it's done, then there is a big growth for UPI.
Here, Caleb is right, giving one country's transaction data or even access to transactions can be a security threat and hence makes it unlikely to be used and trusted that easily.
@@backstagewithmillionairesI agree with the foreigner here. India is getting overconfident and over optimistic way too early. There is lot more to do.
1) India cannot hand over the UPI tech as is to any country to protect it and will always play intermediary role. So only small countries which don't have the real time tech yet will absorb the tech into they system. 2) UPI will enter into developed countries and integrate with their native tech to simplify cross border payments. If played right, the more countries we are in, the more cross border payments we can process in between those countries as well (role of xoom, wise and other exchanges)
India's case is not really a tech superiority, but a great use of Authority and Regulatory Boards. It provides that security and transparency coz our banking ecosystem is built that way.
I recently visited Bhutan ... actually UPI does not work in Bhutan for Indian tourists... although Bhutan did develop their own online payment interface with the help of India similar to UPI. But Indians will not be able to use Indian UPI apps with Bhutanese Payment QR. Cash is the only way to pay for Indian tourists.
Good discussion. Obviously not the last word on the topic. For Caleb's mentioned issues, I believe the CBDC is one solution for his problem. The CBDC will have to be made backward compatible with UPI QR codes, though. Wallets where you can load some money in are also another solution. So, we're looking at kiosks in airports taking in foreign currency and transferring INR equivalents, if CBDC into the CBDC app, if wallets from Paytm, PhonePe, Airtel or Jio, into their wallets. I really want BWM to do a comparison with Brazil's Pix as well. Apparently it is a very good tech stack and has the potential to compete with UPI.
UPI is not yet available in Nepal. It will probably be similar to other countries. Recently, NPCI and NCHL signed an MOU for cross-border payment. The initial deal that was signed between NPCI and a Nepali private company seems dead to me. Instead, the deal signed with NCHL, which is equivalent to NPCI, will go ahead. NCHL has a UPI-like service called ConnectIPS. It is not as user-friendly as UPI, but it is improving day by day.
Nepal already have real time payment with QR code - Fonepay and of course ConnectIPS! What UPI will solve for us Nepalese? Nothing.. Indian travelling Nepal can use it not us Nepalese. As a Nepali, biggest payment problem is international payment not domestic.
@@obito4203 I guess as per NCHL and NPCI MOU it will allow cross boarder payment between Nepal and India. It's much better these days with Dollar Prepaid card.
@@obito4203 True. I use fonepay everyday and I don't understand what is so "revolutionary" about UPI. Its a good technology but TBH, its not an original idea or it does it do something really different from other companies.
It's a really good interview i think india should be the next digital infrastructure and payment method for the whole world. I really like the one idea foreigner who can easily pay UPI global. I would like to see that happen in coming years
With new services like subscription and EMI payments via UPI, I don't see any roadblock in scaling this. Also when they say UPI architecture, I don't think they mean that servers in India OR RBI's existing infra needs to handle all of it. It is about protocols and standardisation of checks and balances that will allow people to transfer money that conveniently - that's powerful!
I can't wait to see India 🇮🇳 as a first cashless country ❤ Imagine if we don't need Data or Net to operate or transact money in UPI. It will be the another revolution
Now foreigners can use UPI, like as soon as they enter in airport, they can buy a sim and setup UPI and transfer their money into it. (Though its wallet styled) but it does the job of fast and instant payments… Need more marketing though…
Excellent video. We must take the suggestions given to make UPI widely available globally to citizens of all countries. This will enable us to compete globally and not be held hostage by foreign companies or governments.
I totally agree when pankaj said 'upi payment in happening in remoted villages of India'....I have been to my home state Bihar and I was in small village near muzzaffarpur called Narhan which have population not more than even 800...every shops of this village has qr code of upi payment even vegetable seller in mandi or roadside...each and every shop accept upi....I don't have to go with cash anywhere...I have my phone and I am good to go for shopping...
The point about foreign tourists not being able to use services in India due to not being able to set up their UPI is well taken. But i think the solution to that is also available already. The wallet system set up earlier by Paytm etc can be used by the UPI system, i feel, for use by those who don't have Indian Bank accounts etc. Don't know the tech challenges, of course, but seems like wallets could be incorporated into UPI
Wallets is one solution. The newly launched CBDC is another. CBDC has to be made backward compatible and usable on current UPI QR codes. After all, it is the equivalent of putting cash into someone else's account.
The way there Dubai Government just offers sim with 150mb free data at Airport when landing is just amazing. India would do something very similar. Give a temporary sim loaded with UPI ID. Do a Netbanking transfer from home account and allow them to use UPI.
I think UPI Lite will help achieving this. Because It does not require to communicate with payers bank account to send money. It will take some time though because currently the limit is only 2000 rs
If i am not wrong i have seen in airport a counter when foreigners coming to india exchange money they have an option to get cash or get a temporary upi id from where they can use the cash, hope this answers the future prediction question the guys where talking about
accessibility to upi for foreign tourist using their home bank accounts is now available i think u guys are unaware about it during the speech in US congress PMOI mentioned about it
@@backstagewithmillionaireshave you tried Wise. It's almost free and only takes a few minutes to transfer up to $500,000 to any Indian bank a/c from any bank account outside India. There are a couple of other ones but this is what I use.
What needs to be done is make UPI available to NRI first who have account in India but linked to international number. GoI supposedly allowed it about 6 months ago, but no apps support it. I had a very difficult time in my India visit as most shops dont accept international credit card including most gas stations and i couldnt use UPI.
Thats a healthy discussion with good benifits. Yes Indias digital payment is of smooth transaction between people around the world rather than US & chin untrustfull payment with data leakers. The next thing. Its a trust u need - thats INDIA for you.
Other countries like Canada has this for a while. But a commendable job by India in making it widely accepted in a population with high economic parity
While visa/master take 2% to 5% from merchant for facilitating the service. UPI sends everything to merchant. Govt introduced RuPay to stop visa/master taking money out. Visa/Master take merchant money even in US. Even US and other countries should create similar govt transaction platform to get rid of these merchant cuts. It is just not worth the price.
I can to know that in US, they even keep their public fund for the functioning of government in private banks. US banking has been entirely consumed by private entities. I don't think they'll let that control go
Good one, the Canadian however must be used to a few banks and telecoms monopolizing the market and charging super high charges back home. 😀 This UPI is a different model where the Government provides the infra and the private citizen pays back by using the infra.
Also UPI can't go global without the cooperation of the other country. That's why it's happening on a bilateral basis. And the ability for foreigners to use UPI in India already exists to people from these partner countries. It is in the pilot stages. It's not full fledged yet. It will be available across India soon. Right now it's only possible to do avail that from a few airports.
20:00 I'm from Nepal. But I'm still waiting for UPI to come to Nepal. Right now, Indian can't pay via UPI in Nepal and same with Nepali in India can't pay via wallets to UPI...
Imagine from any part of the world, take your mobile, u can just select a contact number enter "amount of money" , authorize your fingerprint and sent payment within seconds that's mad, big win for average person.. probably a pipe dream
Recently my uncle came from Singapore to visit and we had much trouble pulling cash from an atm since we had no other way of transferring money as even neft didn't work... If only UPI would work with an overseas bank...😢
UPI main motive was financial inclusion and real time payment was a secondary feature but later as time progressed it became the main feature from public point of view but from govt motive was financial inclusion.. So as for global impact , lesser developed countries will adopt UPI for financial inclusion motive and developed countries in Europe will mostly adopt UPI for real time payment and may charge commission fee there where financial inclusion is achieved at reasonable rate
Yes you are somewhat correct. What I see is that GoI should share this platform with these countries who do not have the platform from Government end. And by this asking these govt to promote these platforms their countries. One option should be there is UPI global in which you can pay anyone in the world who are using the UPI platform. There should also be display of real time conversion of the currency. And you can link any bank account of those countries whose government is using UPI platform. I think next govt will be Sri Lankan government who will completely integrate this platform in its country
Foreign Nationals can now use UPI in India. They can get money loaded into Paytm or Phonepe wallets at the airport when they arrive. They can use this balance to pay for stuff by scanning the QR code. They don't need an Indian number or an Indian bank account.
Thinking about future of payments., definitely UPI has very promising technology.. if some COVID19 virus again hits the world, you still able to pay other without shaking hands or putting a card near to pos machine. Definitely world needs to upgrade to any technology that is as equal as UPI or UPI itself. India has a product in hand which is easy for Indian government to share the product with world.
I moved to US 10 years ago and we’ve been cashless from last 10 years, don’t have to carry any cash. And recently with Apple wallet, don’t even need wallet. Give me few reasons, Why would US adapt to UPI ? The digital payment apps in US started providing tax forms for year end tax filing. Not sure if UPI payments will be doing tax reporting.
UPI payments are free for both the end consumers and the merchants, and it's way more convenient than any of the e-wallets out there after personally using apple pay, Samsung pay, Paypal and Venmo as it's a direct link to your Bank account as supposed to a wallet that you have to top up from time to time or get credits for... it's also really secure and conveniently easy to reverse charge even compared to a credit-card payment
@@kalpa_sama why do you think it’s more convenient to use UPI than Apple Pay? Apple wallet doesn’t have its own e-wallet or balance, it just stores your credit cards and gives a virtual number, I don’t have to move money to-and-fro from bank account to Apple Wallet. May be you are referring to Apple Cash. I have the Apple wallet on my watch, and I feel it as comfortable. May be I’m missing something about UPI being more comfortable to use.
Zero balance Jan dhan accounts were not mentioned. It was a crucial and important step in the success of UPI adoption
Actually corona helped 😂😂😂😂
True
50 million Han dhan account have 2.5 trillion rupees now 🎉
@@Sumitkumaar0999upi user were high even befor corona
@@Sumitkumaar0999nope. UPI saved us indirectly from CoViD.
India also made it easy for people to port their phone number between providers. This enabled users to stick with one phone number and not worry about updating their aadhar everytime they changed providers
You Did made a valid point of expanding UPI by making it more accessible to foreigners instead of signing agreements from various countries. UPI has the potential of becoming a product which world uses just like many products that have been coming in from USA , China or EU.
But the thing is it's not a wallet. It needs banks at the backend.
It isn't a product, it's a technology.
Its already happened in during G20 foreigners can do upi transactions
It's digital "public" good means the governments of those foreign countries have to sign up and provide the backend infra for UPI
@@realbulldozerbabaWhat about CBDC??
Moved to German in 2015 and I can say this India is miles miles ahead of most of European nations too. Especially Germany which is still stuck on faxes and letters. money sent to a bank still takes 2-3 days to get deposited in target accounts. no QR codes nothing.
What da faq!
2-3 days just to transfer money? In India it will only take 2-3 seconds. & You can also transfer money while you are in bathroom.
@@akash_bardhanyou transfer money in bathroom bro? 😂
@@akash_bardhan😂 the last point wasn't nessacery
no way germany is so advanced india is still very far behind
Not true at all, SEPA payment is instant, you can send money to any account in the EU instantaneously.
"I paid a beggar via UPI"🤣 Knowledge about India and humor in one show - I love this!
UPI is already accessible to all G20 countries tourists through a wallet system. International tourists can use them as per their needs without having a bank account in India.😊 It will be further expanded to other countries as well.
the point he was trying to make was to have UPI link between say Amex & Indian banks then the need for wallets is void and true purpose of UPI that is bank to bank transactions can go global
In my opinion, why UPI cannot collaborate with international private players is because all these players are a profit making enterprise and charge a decent amount as commission.
Whereas on the other hand UPI is free and not a profit making company
UPI is free because now the govt had your data. The "fee" is hidden in the billions of cost saves the govt will have if they had to buy your identifying data.
@@rajcha8976 no hidden cost seller getting exact amount buyer paying ..
@@rajcha8976 but you need give data. it doesn't matter if it's private companies or govt but rather who you would trust and that's why upi not a profit making system for Indian government. But I don't really understand that much about online backing and how it's work behind the scenes. Just what I think.
Nothing is free dada..
@@yam2050 I know nothing is free and the govt is incurring the cost, in this years budget also provisions were there to keep UPI afloat.
The question is how many foreign govt will incur these charges.
Also if charges are levied, they will be much cheaper than other payment methods. Consider it as a customer acquisition cost
100% agree on point of introducing some version of UPI so that foreigner travelling India can quickly setup and use the UPI feature without any hassle. Government should think about it, it will be a boost to tourism sector too.
It’s already in place, at the airport foreigners can transfer cash to their UPI account for spending. The service desk helps them create the wallet and set it up
They are comparing UPI with wechat and visa but India is competing with SWIFT network, initially start with remitting money or indian tourist can use UPI in offshore, then same method will be used for those countries expoter/impoter and vice-versa
That's what i think too. Wechat and visa maybe comparable to some extend to paytm or phonepe
You are right, there are much more intelligent people sitting out there working on UPI, and these people are comparing it with wechat😂 and giving suggestions how India should expand upi
Still visa and master card growing in double digits in India and upi frauds also growing in double digits 😂
A great discussion! Glad to hear some good discussions happening.
If and when UPI goes global, it would serve one of the purpose what crypto was planning to do. Hope to see more products go global.
Absolutely, same here! Really hoping it goes global in a big way. -Caleb
@@backstagewithmillionaires sir UPI easy but cyber crime cyber fraud in india increase very high rates
UPI is actually now available to foreign tourists coming to India even if they dont have an Indian bank account. That pipe dream came true sooner than anticipated.
There's a few mistakes and different approach you guys took! You were absolutely correct and statistically sceptical which was very nice to see... But although we compare it to wepay or alipay! UPI is different! UPI is a part of stack... Which enables products like ONDC & OCEN to nurture too, which others don't. And also, if you read the doc/mou between the countries accepting UPI you'll get to a clause where they can transact with other upi enabled country too which is different and unique from other parties. UPI sharing agreement is free digital public good so sharing will be with govt and not private individuals! Which also embarks a rapid trusts with citizens and govt! The stack includes unified digital structure for hospitals/healty and also logistics(national logistics policy) and also Govt transactions (G-em) which (technology) can also be shared in future in the name of INDIA STACK. Hence UPI is just the opening of export of digital goods! So although I trust you guys much more than random ass articles, I would still suggest you to have bigger picture! 🇮🇳
How does India control the flow of funds on international transactions as it's instant and may not be easily tracable if bad actors use upi for criminal activities. FDI and banking outside India is highly controlled today.
Do you know if India will charge a 5% tax on international UPI transactions like they do with international credit card transactions. UPI has no insurance or support for fraudulent transactions as it's free, so it's very susceptible to fraudulent activities, and there is no incentive to fix the problem. As it's instant, reversing errant transactions is not possible.
The RBI has allowed UPI transactions for travellers from G20 countries. The Reserve Bank of India had issued a circular in February this year, allowing access to Unified Payments Interface (UPI) to Non Resident Indians (NRIs) and foreign nationals visiting India.
He is absolutely right that what works for India won’t necessarily work for other countries and somewhere the offering has to go as a global offering and not targeting smaller demographics focused on India
Caleb's idea in the end seems more optimistic than bringing UPI technology to another country...You got me mann😉!!!!!!!
My uncle (fathers cousin) moved to Uidai from Infosys at start of aadhar as a manager. He used to live near my home in bangalore .He was there for long time Now i feel really proud that someone who i know and from my family has built growth engine of indias financial success
If it scales like what you said in the end, then there is no stopping for UPI to become a global payment system...but interlink of different banks from different country takes time if it's done, then there is a big growth for UPI.
Here, Caleb is right, giving one country's transaction data or even access to transactions can be a security threat and hence makes it unlikely to be used and trusted that easily.
Very informative and thoroughly discussed points of UPI.
BWM is killing it with every video they are pushing
Great insights. 😸
Used my time wisely through this video ❤.
Glad you enjoyed it adiytuber 🙂 -Caleb
@@backstagewithmillionairesI agree with the foreigner here. India is getting overconfident and over optimistic way too early. There is lot more to do.
Such Informative video without sensationalism. Appreciate it.
Guys, loved the entire talk.. Great perspective from both of you! Thanks
1) India cannot hand over the UPI tech as is to any country to protect it and will always play intermediary role. So only small countries which don't have the real time tech yet will absorb the tech into they system.
2) UPI will enter into developed countries and integrate with their native tech to simplify cross border payments. If played right, the more countries we are in, the more cross border payments we can process in between those countries as well (role of xoom, wise and other exchanges)
Yes this will be directly competing SWIFT and make cross border payments so easy
really my every second spent on this video was worth it.
I agree Canada is in stone age with respect to payments and banking.
I feel frustrated when ever I have to do some transactions in Canada.
😂😂
Thank God I am in india
But many Canadians make it a point to say Bharat is a 3rd World Nation
India's case is not really a tech superiority, but a great use of Authority and Regulatory Boards.
It provides that security and transparency coz our banking ecosystem is built that way.
I've seen a kiosk at mumbai airport arrivals once where foreign visitors could load up a UPI wallet to use in the country. Perhaps that was a pilot.
Used for G20 countries citizens!!! Yup! Could be a trial!
I liked this discussion very much. Thanks for this fruitful information.❤
Very informative and objective video from both India and the global perspective.
I recently visited Bhutan ... actually UPI does not work in Bhutan for Indian tourists... although Bhutan did develop their own online payment interface with the help of India similar to UPI. But Indians will not be able to use Indian UPI apps with Bhutanese Payment QR. Cash is the only way to pay for Indian tourists.
Caleb your stories are incredible
Thank you 🙏🥲 -Caleb
@@backstagewithmillionaireswhy "🥲"? Another thing, I want to hear ur story since childhood, ambition, ur life story and goals, i wanted that video
Wonderful presentation!! India is going places!! It is interesting to know that Canadian psyment system today is still in stone age!!
Sirlanka is also using UPI and adopted UPI.
Awesome analysis!
Upi should tie with popular and trusted outside banks so that foreigners can make UPI transactions
Good discussion. Obviously not the last word on the topic.
For Caleb's mentioned issues, I believe the CBDC is one solution for his problem. The CBDC will have to be made backward compatible with UPI QR codes, though. Wallets where you can load some money in are also another solution.
So, we're looking at kiosks in airports taking in foreign currency and transferring INR equivalents, if CBDC into the CBDC app, if wallets from Paytm, PhonePe, Airtel or Jio, into their wallets.
I really want BWM to do a comparison with Brazil's Pix as well. Apparently it is a very good tech stack and has the potential to compete with UPI.
Well great to see OPTIMISTIC vs REALISTIC approach debate, both are important like Ying and Yang.
These Debates are really insightful 🎉🎉
UPI is not yet available in Nepal. It will probably be similar to other countries. Recently, NPCI and NCHL signed an MOU for cross-border payment.
The initial deal that was signed between NPCI and a Nepali private company seems dead to me. Instead, the deal signed with NCHL, which is equivalent to NPCI, will go ahead. NCHL has a UPI-like service called ConnectIPS. It is not as user-friendly as UPI, but it is improving day by day.
😡😡😡😡 WHAT IS DOING YOUR GOVERNMENT
Nepal already have real time payment with QR code - Fonepay and of course ConnectIPS! What UPI will solve for us Nepalese? Nothing.. Indian travelling Nepal can use it not us Nepalese.
As a Nepali, biggest payment problem is international payment not domestic.
@@obito4203 I guess as per NCHL and NPCI MOU it will allow cross boarder payment between Nepal and India.
It's much better these days with Dollar Prepaid card.
Glad you pointed this out because he was dodging that question.
@@obito4203 True. I use fonepay everyday and I don't understand what is so "revolutionary" about UPI. Its a good technology but TBH, its not an original idea or it does it do something really different from other companies.
It's a really good interview i think india should be the next digital infrastructure and payment method for the whole world. I really like the one idea foreigner who can easily pay UPI global. I would like to see that happen in coming years
With new services like subscription and EMI payments via UPI, I don't see any roadblock in scaling this. Also when they say UPI architecture, I don't think they mean that servers in India OR RBI's existing infra needs to handle all of it. It is about protocols and standardisation of checks and balances that will allow people to transfer money that conveniently - that's powerful!
30:42 Bharat Book ---- JIO Book is first step in this regard............. like the comment if you agree
jio phone and lava phone
Your loving from Rasia
BwM debates are absolutely fantastic hoping to see many many more!!
Informative video thanks
I can't wait to see India 🇮🇳 as a first cashless country ❤
Imagine if we don't need Data or Net to operate or transact money in UPI.
It will be the another revolution
Now foreigners can use UPI, like as soon as they enter in airport, they can buy a sim and setup UPI and transfer their money into it. (Though its wallet styled) but it does the job of fast and instant payments…
Need more marketing though…
Great discussion, we should not get struck with our current success. Wings should not get clipped with bureaucrats redtape.
Excellent video. We must take the suggestions given to make UPI widely available globally to citizens of all countries. This will enable us to compete globally and not be held hostage by foreign companies or governments.
Very well explained !
That was very insightful bros 💯Cheers👍
I totally agree when pankaj said 'upi payment in happening in remoted villages of India'....I have been to my home state Bihar and I was in small village near muzzaffarpur called Narhan which have population not more than even 800...every shops of this village has qr code of upi payment even vegetable seller in mandi or roadside...each and every shop accept upi....I don't have to go with cash anywhere...I have my phone and I am good to go for shopping...
This was a good debate ! Appreciate the negative points surrounding UPI which i wasn't aware
What a discussion, so good to hear.
such a well made and comprehensive video!
The point about foreign tourists not being able to use services in India due to not being able to set up their UPI is well taken. But i think the solution to that is also available already. The wallet system set up earlier by Paytm etc can be used by the UPI system, i feel, for use by those who don't have Indian Bank accounts etc. Don't know the tech challenges, of course, but seems like wallets could be incorporated into UPI
Wallets is one solution. The newly launched CBDC is another. CBDC has to be made backward compatible and usable on current UPI QR codes. After all, it is the equivalent of putting cash into someone else's account.
UPI is available for tourists as well now. They can set it up at airports. You can Google or utube it.
Not sure how many airports have it for now.
Neither black not white analysis.only raw truth ❤❤😊😊
Been following BwM since they had 12k subs. Love your vids and very knowledgeable.
UPI 🧡🤍💚
Jai Hind.. Jai Bharat 🇮🇳🇮🇳
Vande-Mataram 🇮🇳🇮🇳
Your content is good
UPI is a great tool for mankind service
The way there Dubai Government just offers sim with 150mb free data at Airport when landing is just amazing. India would do something very similar. Give a temporary sim loaded with UPI ID. Do a Netbanking transfer from home account and allow them to use UPI.
I think UPI Lite will help achieving this. Because It does not require to communicate with payers bank account to send money. It will take some time though because currently the limit is only 2000 rs
I think it happens. I saw a video about it on RUclips. Search "UPI for foreign travelers in India"
Guys you have done a great discussion 👍
I love you brother ❤ from 🇮🇳🙏❤
Great discussion 👏
Super informative videos.. awesome 👍.. thank u
If i am not wrong i have seen in airport a counter when foreigners coming to india exchange money they have an option to get cash or get a temporary upi id from where they can use the cash, hope this answers the future prediction question the guys where talking about
He suggested good solution as UPI GLOBAL we need to do this to make UPI international much faster
accessibility to upi for foreign tourist using their home bank accounts is now available i think u guys are unaware about it during the speech in US congress PMOI mentioned about it
This is awesome! I need to figure out how to set this up for myself. -Caleb
@@backstagewithmillionaireshave you tried Wise. It's almost free and only takes a few minutes to transfer up to $500,000 to any Indian bank a/c from any bank account outside India. There are a couple of other ones but this is what I use.
great conversation
Loved the entire talk
Well done India I appreciate for good work by govt of India 🎉🎉🎉
India has started services for international travelers at airports and banks to setup UPI account and app and also transfer money to that account.
Both the boys explained things very clearly.
You don't need bank account. You can recharge your wallet and use it if you are foreigner.
What needs to be done is make UPI available to NRI first who have account in India but linked to international number.
GoI supposedly allowed it about 6 months ago, but no apps support it. I had a very difficult time in my India visit as most shops dont accept international credit card including most gas stations and i couldnt use UPI.
Very good dialogues. 😊
Wonderful.
Thats a healthy discussion with good benifits.
Yes Indias digital payment is of smooth transaction between people around the world rather than US & chin untrustfull payment with data leakers.
The next thing. Its a trust u need - thats INDIA for you.
Nice content brooo❤❤❤❤
But what about the costs involved in managing UPI ? As it is the govt. which is absorbing the running costs for now
Other countries like Canada has this for a while. But a commendable job by India in making it widely accepted in a population with high economic parity
Jandhan accounts and introduction UPI made all the difference.
UPI is open source solutions, no worries for whoever country adopt
Bharatbook👍
While visa/master take 2% to 5% from merchant for facilitating the service. UPI sends everything to merchant. Govt introduced RuPay to stop visa/master taking money out. Visa/Master take merchant money even in US. Even US and other countries should create similar govt transaction platform to get rid of these merchant cuts. It is just not worth the price.
I can to know that in US, they even keep their public fund for the functioning of government in private banks. US banking has been entirely consumed by private entities. I don't think they'll let that control go
Upi can change the world money transactions ❤❤❤
Good one, the Canadian however must be used to a few banks and telecoms monopolizing the market and charging super high charges back home. 😀 This UPI is a different model where the Government provides the infra and the private citizen pays back by using the infra.
U both were too good to explore all imp points 🙏🏼🙏🏼🙏🏼
Also UPI can't go global without the cooperation of the other country. That's why it's happening on a bilateral basis. And the ability for foreigners to use UPI in India already exists to people from these partner countries. It is in the pilot stages. It's not full fledged yet. It will be available across India soon. Right now it's only possible to do avail that from a few airports.
20:00 I'm from Nepal. But I'm still waiting for UPI to come to Nepal. Right now, Indian can't pay via UPI in Nepal and same with Nepali in India can't pay via wallets to UPI...
Imagine from any part of the world, take your mobile, u can just select a contact number enter "amount of money" , authorize your fingerprint and sent payment within seconds
that's mad, big win for average person.. probably a pipe dream
Recently my uncle came from Singapore to visit and we had much trouble pulling cash from an atm since we had no other way of transferring money as even neft didn't work... If only UPI would work with an overseas bank...😢
Swift works India-SG transfers
Last one minute smashed Hard 😂😂😂❤
Realty Indian UPI digital used $1.4 trillion dollars transaction done
UPI main motive was financial inclusion and real time payment was a secondary feature but later as time progressed it became the main feature from public point of view but from govt motive was financial inclusion..
So as for global impact , lesser developed countries will adopt UPI for financial inclusion motive and developed countries in Europe will mostly adopt UPI for real time payment and may charge commission fee there where financial inclusion is achieved at reasonable rate
Yes you are somewhat correct.
What I see is that GoI should share this platform with these countries who do not have the platform from Government end. And by this asking these govt to promote these platforms their countries.
One option should be there is UPI global in which you can pay anyone in the world who are using the UPI platform.
There should also be display of real time conversion of the currency.
And you can link any bank account of those countries whose government is using UPI platform.
I think next govt will be Sri Lankan government who will completely integrate this platform in its country
Foreign Nationals can now use UPI in India. They can get money loaded into Paytm or Phonepe wallets at the airport when they arrive. They can use this balance to pay for stuff by scanning the QR code. They don't need an Indian number or an Indian bank account.
Not working yet, I still can’t link my abroad number in UPI
Thinking about future of payments., definitely UPI has very promising technology..
if some COVID19 virus again hits the world, you still able to pay other without shaking hands or putting a card near to pos machine.
Definitely world needs to upgrade to any technology that is as equal as UPI or UPI itself. India has a product in hand which is easy for Indian government to share the product with world.
Nice work.
I moved to US 10 years ago and we’ve been cashless from last 10 years, don’t have to carry any cash. And recently with Apple wallet, don’t even need wallet. Give me few reasons, Why would US adapt to UPI ?
The digital payment apps in US started providing tax forms for year end tax filing. Not sure if UPI payments will be doing tax reporting.
UPI payments are free for both the end consumers and the merchants, and it's way more convenient than any of the e-wallets out there after personally using apple pay, Samsung pay, Paypal and Venmo as it's a direct link to your Bank account as supposed to a wallet that you have to top up from time to time or get credits for... it's also really secure and conveniently easy to reverse charge even compared to a credit-card payment
@@kalpa_sama why do you think it’s more convenient to use UPI than Apple Pay? Apple wallet doesn’t have its own e-wallet or balance, it just stores your credit cards and gives a virtual number, I don’t have to move money to-and-fro from bank account to Apple Wallet. May be you are referring to Apple Cash. I have the Apple wallet on my watch, and I feel it as comfortable. May be I’m missing something about UPI being more comfortable to use.
Good coverage, solid points from both sides,