Difference between revisions of "Instant Payments"
(→References) |
(→Examples) |
||
| Line 1: | Line 1: | ||
==Full Title or Meme== | ==Full Title or Meme== | ||
[[Instant Payments]] are payments that settle instantly, like the transfer of cash from one person to another. | [[Instant Payments]] are payments that settle instantly, like the transfer of cash from one person to another. | ||
| + | |||
| + | ==Problems== | ||
| + | * Instant payment share with cash a vulnerability to theft that cannot be tracked or reversed if detected. | ||
==Examples== | ==Examples== | ||
Revision as of 15:45, 11 August 2023
Full Title or Meme
Instant Payments are payments that settle instantly, like the transfer of cash from one person to another.
Problems
- Instant payment share with cash a vulnerability to theft that cannot be tracked or reversed if detected.
Examples
India
The UPI-Lite wallet currently processes about ten million transactions a month. The Reserve Bank of India (RBI) increased the transaction limit from ₹200 to ₹500 (2.5 to 6 US dollars) and announced the intention to support offline payments with Near Field Communication (NFC). The Unified Payments Interface (UPI) is a smartphone application for banking, regulated by the RBI, enabling instant payments leveraging the Immediate Payment Service (IMPS) and the Aadhaar (Indian Digital Identity) Enabled Payment System (AEPS). UPI-Lite enables storing up to ₹2000 on a smartphone and use that amount for simple payments with no need for additional identification. -- Rosa Giovanna Barresi paytm LIPI lite
China
A comparison with China's e-CNY is made somewhat easier as the two populations are nearly equal (India's 1.42 billion against China's 1.41). So we start with the October 2021 official data: at that time 123 million individual wallets were open with a total GMV of RMB 142 million (19 million USD). India's numbers after a year are 10 million wallets with a total GMV of 33 million USD (₹ 280 crore).
