Hacker News Reader

Comment by neel8986 | Hacker News Reader

Instant payment in India (UPI) has been revolutionary. Last month 6.7 billion transaction took place amounting to $138B!! https://www.npci.org.in/what-we-do/upi/product-statistics Every major company tech company ( Google, meta, amazon, flipkart ) wants to be a part of it. This can be a huge opportunity for European startups

View on HN

I can't express in words the amount of push UPI has provided in India for the digital payments sector. Any shop I have visited in the past year has a QR code on the Front counter. And I am not talking about big shops. I am talking about Hawkers, street vendors, Brick and Mortar shops, roadside Dhabas, Mechanics.

UPI is a gamechanger.

Depending on banks and countries instant payments have been a thing for a long time in “Europe” (assumed to mean EU and satellites). The question here is about taking things to the next level for international payments (these countries are sovereign and have their own policies, the eu wants to ensure uniformity). So this is not comparable to what india does within its own borders.

> Depending on banks and countries instant payments have been a thing for a long time

Like how?

Mandatory implementation of accepting SEPA instant directive to banks was like 2-3 years ago. Afaik there was no instant payment within most of the major economies, case Germany. Banking outside UK in europe is still a pain for business and consumer.

EU commission would want consistency, but nothing was stopping Bundesbank from innovating.

Reply on news.ycombinator.com