Personally I don’t think UPI will ever go to a fully-paid model, but I’d love to know what you think about the potential for a “freemium” model, eg with payment protection or improved anti fraud built in. My sense is that combating fraud/abuse costs money and currently UPI essentially relies on the customer not making mistakes, and if they do get defrauded they have to work the Indian justice system to get their money back — not easy at the best of times.
Also about this
> Banks earn 50x to 100x more than the cost of UPI/payments in just float income
A bunch of banks complained about loss of float income with RTGS & IMPS, is there any information about how they see UPI (which is built on IMPS?) affecting float? (I get that they have a lot of float income, but many Indian banks appear to be very inefficient and that float money is probably being used elsewhere already.)
Finally, internet shutdowns — today apparently a huge chunk of transactions are cash-based in India. But UPI’s clearly growing fast — and as it grows further, will the Indian government’s propensity to kill mobile data at the slightest sign of trouble affect people’s perception of UPI, by making it seems less reliable than cash? Or is there hope India will revisit internet shutdowns?
Thank you!