On: India has paved the way for charging merchants a fee on UPI transactions

[HaloZero]

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 → HaloZero]

Aren't debit transactions capped at 0.2% in the EU and credit 0.3%?

[throwaway473825 → zipy124]

No, those are caps on the interchange fees paid to the issuing bank. Card transactions have other fees as well.

[zipy124 → throwaway473825]

That 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...

[KellyCriterion → zipy124]

in the EU, yes, but not in India with UPI ;-)

[danielmarkbruce → HaloZero]

Visa & MasterCards actual take is way lower than that. The fees that merchants see on cards are mostly collected by the banks - "interchange".

[adrr → HaloZero]

Most 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.

[thesimon → HaloZero]

> Hopefully they allow foreigners some track to access UPI in the future.

https://havemony.com

Not cheap and only to business QR codes (so proper shops which probably will take credit card anyway), but it works.