• by TekMol on 10/6/2023, 4:17:43 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 10/6/2023, 5:41:54 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 10/6/2023, 5:45:17 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 10/6/2023, 4:21:28 PM

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

  • by peter_d_sherman on 10/7/2023, 3:36:19 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