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The *next* UPI moment for India's Retail Digital Payments has been announced- Credit cards can now be linked to your UPI, starting with RuPay
A Thread 🧵
A Thread 🧵
UPI is India's leader in digital payments with 60% market share in only 5 years of launch breaching the $1 trillion mark in payment volume only recently.
First, the upsides
First, the upsides
📌 ✚ The ability for credit cards to 'ride on UPI' rails provides credit payment instruments the same ubiquity afforded to debit cards (via UPI) namely accessing a credit line at a POS by simply scanning a QR (cont)
#eRUPI #UPI Vouchers for benefits is a radical departure from #DBT. Purpose and person aware #G2P payments are here. #SaveOurPrivacy 
en.m.wikipedia.org/wiki/Ration_st… is digitized food stamps, but crucial digitization difference is it converts a bearer instrument like stamp / coupon into a person / purpose specific instrument, embedding automatic data emission about beneficiary upon use.
#CashlessConsumer Much has been talked about #ZeroMDR amidst lot of panic based misinformation, half truths.
1.1.2020 marked 3 significant changes to payment industry all of which have deep implications. #Thread
1.1.2020 marked 3 significant changes to payment industry all of which have deep implications. #Thread
Facts first and opinions later.
On 30 Dec, FinMin clarified provisions in Finance Act relating to digital payments
1. 269SU meant for large companies > 50 Crores, mandating to accept "prescribed modes"
2. 271DB - Penalty for violating 269SU
On 30 Dec, FinMin clarified provisions in Finance Act relating to digital payments
1. 269SU meant for large companies > 50 Crores, mandating to accept "prescribed modes"
2. 271DB - Penalty for violating 269SU
incometaxindia.gov.in/communications… - Link to notification.
269SU makes #ZeroMDR, but important to note its applicable only for large businesses and only for "prescribed modes"
Prescribed modes came via incometaxindia.gov.in/communications…
269SU makes #ZeroMDR, but important to note its applicable only for large businesses and only for "prescribed modes"
Prescribed modes came via incometaxindia.gov.in/communications…
#ZeroMDR 1/ Since 2006 I have been the bigget believer and proponent of in digitizing payments - ideally via mobile payments - lord knows I've preached this more than anyone else has! Even my 83-year-old mother is a convert, and I literally refuse to pay anyone in cash!
#ZeroMDR 2/ The benefits of #digitalpayments are spread across a large ecosystem - notably the government, merchants, consumers, banks & Payment Systems Providers (PSPs).
The costs of digital payments are today borne by the banks & PSPs - who pass them on to merchants!
The costs of digital payments are today borne by the banks & PSPs - who pass them on to merchants!
#ZeroMDR 3/
Indirectly merchants pass these on to consumers & have a blended cost. Some explicitly pass these costs to the consumer as a "surcharge".
Today's incentive alignment ensures that cash will continue to be the most (financially) attractive for face2face payments!
Indirectly merchants pass these on to consumers & have a blended cost. Some explicitly pass these costs to the consumer as a "surcharge".
Today's incentive alignment ensures that cash will continue to be the most (financially) attractive for face2face payments!
