India: what India does wayyy better than others is digital payments. we have what is called UPI this is a open payments interface made by government (rbi) but their APIs can be used by any bank’s and any verified third party apps, and all you need to use UPI is just a bank account that’s it, and with this we can send money to any bank account through any other bank account with just phone number or QR code, the reciver and sender don’t even have to use same app because the backend is same for all, i just have to search for their number and send money, or i just have to scan QR code and send money, and it happens instantly with no minimum limit, this is so widely used that pretty much any shopkeeper keeps a UPI qr code even the ones in smallest and remote villages. infact i dony think I used single rupee in cash since like last 3 years, i don’t carry cash anywhere either, this is integrated with popular apps too like uber online food ordering apps , Netflix and basically any app that needs payment. upi is pretty much only reason why India has the most digital transaction in world even more than China and it’s not even close.
also public digital infrastructure, pretty much anything government related is done digitally, like our id cards, driving licence, income certificate, and even high school and degree certificate is digitised, infact even our college credits is digitised, like my college credits will be automatically added so it will be seamless to change college in between my degree, and ofc all this is verified cryptographically with an app, so it’s not just one pdf which can be forged or something. and recently a law was passed which made the cryptographically verified digital documents legally same thing as physical one’s, so now if you have a phone with the app installed ( government made app that store’s and verifies documents) and if you have all your documents in that app you are good to go anywhere. this is more than just concinence of not having to carry physical documents because now we can make bank accounts completely online because verification can be done through their APIs and cryptographically. and yeah it was super useful in covid times because we could do appointment for vaccination online in the app and we could get covid certificate digitally.
I’m curious, how does that work for people from remote villages? India still have a pretty large population who live traditional lifestyles with limited access to the Internet, don’t y’all? Do they have the option of more traditional paper documents, or do they have to find a computer somewhere to use for certain things?
even people from less developed places use digital stuff, you don’t need computer you only need a phone to use everything, mobile data is super cheap in india (3usd per month for 2gb per day), and smartphones are super cheap too, even people who don’t have access to electricity use digital payments. infact this was possible only because of cheap internet and many indians are comfortable with tech somehow. and connectivity is really good pretty much 100% of country get’s fast 4g and nearly 80% has 5g
is it as simple as " download an app and sign in through phone number and bank account is automatically detected and you are good to go" ans also there is no transaction fees
banking apps have upi too, even in banking apps you have to sign in with id and password and such with upi specific apps you don’t even have to do that, it’s just that you have more freedom here, the thing is any app can have it
Wow that’s really impressive! I’m used to having a great online platform to transfer money, but having government issued documents be digitized is a step beyond what we have here!
I think you should also highlight how it is different from China’s Alipay or similar payment vendor system in Europe and the US - it is a unified payment system, there is little to no fee for transaction, and you’re not locked to a eco-system, like Apple, or PayPal. But it is absolutely horrible when it comes to privacy.
the difference is this is unified and government maintained, alipay or any payment vendor’s you have to use their apps, and you can only send money to people who have accounts in their apps, here it’s maintained by government no need to make any account anywhere, just direct bank to bank transfer with just phone number and QR code. and more importantly no transaction fees
India: what India does wayyy better than others is digital payments. we have what is called UPI this is a open payments interface made by government (rbi) but their APIs can be used by any bank’s and any verified third party apps, and all you need to use UPI is just a bank account that’s it, and with this we can send money to any bank account through any other bank account with just phone number or QR code, the reciver and sender don’t even have to use same app because the backend is same for all, i just have to search for their number and send money, or i just have to scan QR code and send money, and it happens instantly with no minimum limit, this is so widely used that pretty much any shopkeeper keeps a UPI qr code even the ones in smallest and remote villages. infact i dony think I used single rupee in cash since like last 3 years, i don’t carry cash anywhere either, this is integrated with popular apps too like uber online food ordering apps , Netflix and basically any app that needs payment. upi is pretty much only reason why India has the most digital transaction in world even more than China and it’s not even close.
also public digital infrastructure, pretty much anything government related is done digitally, like our id cards, driving licence, income certificate, and even high school and degree certificate is digitised, infact even our college credits is digitised, like my college credits will be automatically added so it will be seamless to change college in between my degree, and ofc all this is verified cryptographically with an app, so it’s not just one pdf which can be forged or something. and recently a law was passed which made the cryptographically verified digital documents legally same thing as physical one’s, so now if you have a phone with the app installed ( government made app that store’s and verifies documents) and if you have all your documents in that app you are good to go anywhere. this is more than just concinence of not having to carry physical documents because now we can make bank accounts completely online because verification can be done through their APIs and cryptographically. and yeah it was super useful in covid times because we could do appointment for vaccination online in the app and we could get covid certificate digitally.
I’m curious, how does that work for people from remote villages? India still have a pretty large population who live traditional lifestyles with limited access to the Internet, don’t y’all? Do they have the option of more traditional paper documents, or do they have to find a computer somewhere to use for certain things?
UPI also works with USSD, so it is actually not limited by just internet.
even people from less developed places use digital stuff, you don’t need computer you only need a phone to use everything, mobile data is super cheap in india (3usd per month for 2gb per day), and smartphones are super cheap too, even people who don’t have access to electricity use digital payments. infact this was possible only because of cheap internet and many indians are comfortable with tech somehow. and connectivity is really good pretty much 100% of country get’s fast 4g and nearly 80% has 5g
Doesn’t “digital” imply “electricity”?
well that i meant 24/7 electricity
We have QR code based payments in the Netherlands via iDeal. Makes payment super easy.
is it as simple as " download an app and sign in through phone number and bank account is automatically detected and you are good to go" ans also there is no transaction fees
That’s way more convoluted than here.
Our banking apps have a QR scanner in them so no need for new apps or new accounts.
banking apps have upi too, even in banking apps you have to sign in with id and password and such with upi specific apps you don’t even have to do that, it’s just that you have more freedom here, the thing is any app can have it
Wow that’s really impressive! I’m used to having a great online platform to transfer money, but having government issued documents be digitized is a step beyond what we have here!
I think you should also highlight how it is different from China’s Alipay or similar payment vendor system in Europe and the US - it is a unified payment system, there is little to no fee for transaction, and you’re not locked to a eco-system, like Apple, or PayPal. But it is absolutely horrible when it comes to privacy.
Reading OPs description, I did wonder.
the difference is this is unified and government maintained, alipay or any payment vendor’s you have to use their apps, and you can only send money to people who have accounts in their apps, here it’s maintained by government no need to make any account anywhere, just direct bank to bank transfer with just phone number and QR code. and more importantly no transaction fees
We use qr-based payments where I live too. I been the qr-codes have to work on all payment platforms which is super convenient.
The only minor gripe is that they charge a small transfer fee if going between banks. Do you have that fee?
there is no fee, the servers and bandwidth cost taken from taxpayers money basically