Do you have plans for when the government interprets your small payments as terrorism and seizes your bank account?
I think every country goes through this and then goes back to cash, but at different rates.
I think every country goes through this and then goes back to cash, but at different rates.
However, the Government is in a fix. Almost the complete stack is subsidized by the Government. This led to an explosive adoption growth for merchants as there is no MDR and payers for ease of transaction as they don't need to carry hard currency anymore. This has enabled the Government gaining complete insights into spending and earning patterns. Withdrawing this massive subsidy will again lead to people using cash. So in order to prevent "terrorism" they will subsidize for the foreseeable future.
But it is a country with extremely illiberal capital controls and a history of questionable enforcement due to perceived corruption.
It’s such a good payment system it’s overcome these concerns in large part, but they are reasonable concerns to have.