from Hacker News

India's banks are making $64B from free cashless payments

by happy-go-lucky on 10/6/23, 3:59 PM with 17 comments

• by TekMol on 10/6/23, 4:17 PM

  The way I understand the article, the banks ain't making $64B from free cashless payments but from other services like non-free cashless payments, loans etc.

• by abdullahkhalids on 10/6/23, 5:41 PM

  > Since April, customers dipping into their mobile-phone wallets to settle bills of more than 2,000 rupees ($24) have to bear a maximum 1.1% fee, but only if they are scanning a different platform’s quick-response code.

  I don't understand why an instantly-settled debit transaction required a percentage based fee, rather than a flat one.

  Isn't this like an instant wire transaction which are typically flat fee? Do payment processors have to reverse transactions due to fraud?

• by superkuh on 10/6/23, 5:45 PM

  >Banks do try to impose some costs on high-volume users, and the government gives them money to promote low-value online transactions and make formal credit available to disadvantaged groups like street vendors.

  A loss leader for their attempt to completely centralize, monitor, control, and rent back all forms of value exchange between humans. I feel for the Indian people suffering from their government's war on cash.

• by 1024core on 10/6/23, 4:21 PM

  Non-paywalled article: https://archive.ph/JHIyh

• by peter_d_sherman on 10/7/23, 3:36 PM

  First CityWide Change Bank 1 - Saturday Night Live:

  https://www.youtube.com/watch?v=CXDxNCzUspM

  First CityWide Change Bank 2 - Saturday Night Live:

  https://www.youtube.com/watch?v=KodqIPMbyUg