alt Hacker NewsOne of the reasons why the fee is being considered is under the pressure of other payment providers who are loosing to UPI in Indian market. Its been believed to be one of the negotiation points by the US-India trade deals
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What a fall from grace for the progenitor of Non-Aligned Movement to be bowing down to USA and hurting its own people. The Nation has been betrayed by the State.
Respect to China who foresaw this and built a massive economy without using anything of US.
Brazil faces similar pressures from credit card companies via Trump. We're cutting them out of their precious profits and they don't like that.
Same reason the US is going after Pix in Brazil. The world is decoupling from the US and the US is going to try to flex against it as it continues. Dollar dominance and the “exorbitant privilege” continue to erode (with the acceleration self inflicted). Also shrinks the TAM of these private US firms to only the US versus the world.
https://en.wikipedia.org/wiki/Exorbitant_privilege
> US-India trade deals
There it is! Behind every revealed shittery and fuckery, there's one name that constantly come up. As for this example, I'll give you a clue: it's not India.
> One of the reasons why the fee is being considered is under the pressure of other payment providers who are loosing to UPI in Indian market.
Correlation is not causation. Banks have demanded this (getting rid of Zero MDR) for many years, even prior to Trump assuming office. However, it may have momemtum now due to the impending trade deal. But that's speculation either way, and the burden of proof rests with whoever is making that assertion.
What the government conceded (or gained, which could be a boring topic relatively) would make an impactful story. Unfortunately, newpapers today mostly rely on correlation rather than doing the hard work of finding someone who'll spill the beans. There's very little of Tehelka-style "Operation West End" (or "All the President's Men" for a movie equivalent) going on these days.
I assumed you were joking about this, but wow, the US indeed did demand this from both India and Brazil. Brazil rejected while India knelt and surrendered. US also demanded that India not enforce any market cap limit for UPI payment providers to prevent monopolies - and India surrendered there as well.
Unfortunately, current Modi govt is compromised due to Adani and the Epstein files. It can only hop and jump to whatever Trump orders.
these mfs have no shame do they?
I won't be surprised. In Australia, no public transport system accepts the national payment system (EFTPOS) and instead it is either a public transport specific card or one of the 3 American rails. In NSW, there was promise of a second phase to support EFTPOS but that is hasn't happened yet.
The American Empire is alive and well.