alt Hacker News0.3-0.5% 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.
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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.
Visa & MasterCards actual take is way lower than that. The fees that merchants see on cards are mostly collected by the banks - "interchange".
> Hopefully they allow foreigners some track to access UPI in the future.
Not cheap and only to business QR codes (so proper shops which probably will take credit card anyway), but it works.
Aren't debit transactions capped at 0.2% in the EU and credit 0.3%?