Aadhaar / UPI / RuPay - News and Discussions

[RISING SUN]

We are not capable of influencing the big card companies at our current economic level. But we are capable of influencing the smaller wallet companies though, especially since this domain is highly competitive.

When it comes to Visa/Mastercard, we should be replacing them with Rupay in time. Only the fear of competition will bring these large card companies in.

Do you have any idea what you're talking about? You are talking about India/RBI vs Visa, MasterCard and American Express, you realize that, do you? Did you had access to confidential details not only pertaining to what has happened in last 1 year, what NPCI went through and what market growth share it has already captured, I guess not. Visa MasterCard and American Express fear US laws more than the competition, this is food for thought.

 

[RISING SUN]

Start small first, when you can convince smaller companies to store their information here, then medium sized companies would also shift and those who shift their data to India should be promoted by Govt. You give incentives for shifting their base.This will in turn put pressure on large companies like Visa and Mastercard and they would oblige to our requests.

The point which you are trying to make works when only commerce interests are involved, not in this case. It's all about people information safety dominance.

 

[randomradio]

Do you have any idea what you're talking about? You are talking about India/RBI vs Visa, MasterCard and American Express, you realize that, do you? Did you had access to confidential details not only pertaining to what has happened in last 1 year, what NPCI went through and what market growth share it has already captured, I guess not. Visa MasterCard and American Express fear US laws more than the competition, this is food for thought.

Dude, you simply have to stop accepting other cards. Go ask your bank about Rupay cards. If enough people ask, even banks will switch. Card companies have no power if people don't use those cards. It's simple supply and demand.

 

[RISING SUN]

Dude, you simply have to stop accepting other cards. Go ask your bank about Rupay cards. If enough people ask, even banks will switch. Card companies have no power if people don't use those cards. It's simple supply and demand.

If it wold have been that easy, Visa MC would have done it already. They are not in favor of this regulation as they don't want to report to Indian laws(simply becasue they report to US laws when it comes to people data).

 

[Aravind]

The point which you are trying to make works when only commerce interests are involved, not in this case. It's all about people information safety dominance.

How do you think China came to be at the position to dictate, that if you cannot place your servers in Mainland China, them Ger out of China? It started slow and low by co-opting smaller companies to switch to Mainland China, by incentives or threaten to cease its operations in China or block it totally.
Are these not Commercial interests when we can asses data about how our people spend and what do they spend on? in this age of Artificial Intelligence, such data is like "GOLD MINE".

Any Personal data in today's world is a gold mine to exploit. Let us first start with online transaction data and make the smaller and mid sized companies establish their servers here, when that happens, we give these companies a Dog biscuit or a treat for behaving nice. Then we promote these Small and Mid sized companies over Major players like Visa and Mastercard. Last time i saw, both these major players were crying foul that "RUPAY" was being promoted over them by present Indian Government in the name of "Make in India". If USA wants us to be a pivot against China, then they better treat us as one and start relocating their servers in our country.

 

[Aravind]

Do you have any idea what you're talking about? You are talking about India/RBI vs Visa, MasterCard and American Express, you realize that, do you? Did you had access to confidential details not only pertaining to what has happened in last 1 year, what NPCI went through and what market growth share it has already captured, I guess not. Visa MasterCard and American Express fear US laws more than the competition, this is food for thought.

They are private companies and they also get bailed out if they crash like JP Morgan and whole plethora of Financial institutions got bailed out by US govt. during Recession, because "They were simply too big, to fail".
There was no competition for Visa,Mastercard or American Express until China came up with its own payment system and India came up with "RUPAY" . They better pay attention to it.

Tell me one thing, why should i pay a transaction tax when i draw cash from my own account in a ATM just because it was a International company? Why shouldn't i favor a company which doesn't deduct your cash as Transaction tax and would let you draw cash from any ATM of any Bank.

There are not a lot of International purchasers in India. So "RUPAY" works just fine, Zero transaction tax if you switch ATM's of a different bank.

 

[Aravind]

If it wold have been that easy, Visa MC would have done it already. They are not in favor of this regulation as they don't want to report to Indian laws(simply becasue they report to US laws when it comes to people data).

Why don't they? want to report to Indian laws? do they think US laws are more superior to ours? that they find our laws inferior? Its not just peoples data it is called Financial transactions and Banking data.

 

[randomradio]

If it wold have been that easy, Visa MC would have done it already. They are not in favor of this regulation as they don't want to report to Indian laws(simply becasue they report to US laws when it comes to people data).

Fine. Then ask for Rupay. I'm actually not sure if you got what I've been saying. As a customer, it's you who decides.

If they don't like the new regulation, then they can bugger off. We now have a system capable of replacing them after all.

 

[randomradio]

They are private companies and they also get bailed out if they crash like JP Morgan and whole plethora of Financial institutions got bailed out by US govt. during Recession, because "They were simply too big, to fail".
There was no competition for Visa,Mastercard or American Express until China came up with its own payment system and India came up with "RUPAY" . They better pay attention to it.

Tell me one thing, why should i pay a transaction tax when i draw cash from my own account in a ATM just because it was a International company? Why shouldn't i favor a company which doesn't deduct your cash as Transaction tax and would let you draw cash from any ATM of any Bank.

There are not a lot of International purchasers in India. So "RUPAY" works just fine, Zero transaction tax if you switch ATM's of a different bank.

RuPay is obviously cheaper than these bigger card companies.

 

[RISING SUN]

How do you think China came to be at the position to dictate, that if you cannot place your servers in Mainland China, them Ger out of China? It started slow and low by co-opting smaller companies to switch to Mainland China, by incentives or threaten to cease its operations in China or block it totally.
Are these not Commercial interests when we can asses data about how our people spend and what do they spend on? in this age of Artificial Intelligence, such data is like "GOLD MINE".

Any Personal data in today's world is a gold mine to exploit. Let us first start with online transaction data and make the smaller and mid sized companies establish their servers here, when that happens, we give these companies a Dog biscuit or a treat for behaving nice. Then we promote these Small and Mid sized companies over Major players like Visa and Mastercard. Last time i saw, both these major players were crying foul that "RUPAY" was being promoted over them by present Indian Government in the name of "Make in India". If USA wants us to be a pivot against China, then they better treat us as one and start relocating their servers in our country.

Small companies have already moved there operations here including amall and mid size payment companies. It's only big companies which are resisting the move fearing they might face a situation between Indian and US laws.

 

[RISING SUN]

They are private companies and they also get bailed out if they crash like JP Morgan and whole plethora of Financial institutions got bailed out by US govt. during Recession, because "They were simply too big, to fail".
There was no competition for Visa,Mastercard or American Express until China came up with its own payment system and India came up with "RUPAY" . They better pay attention to it.

Tell me one thing, why should i pay a transaction tax when i draw cash from my own account in a ATM just because it was a International company? Why shouldn't i favor a company which doesn't deduct your cash as Transaction tax and would let you draw cash from any ATM of any Bank.

There are not a lot of International purchasers in India. So "RUPAY" works just fine, Zero transaction tax if you switch ATM's of a different bank.

RUPAY is very well working on international platforms as well if you didn't know. It is widely acceptable with same domestic benefits.

 

[RISING SUN]

Why don't they? want to report to Indian laws? do they think US laws are more superior to ours? that they find our laws inferior? Its not just peoples data it is called Financial transactions and Banking data.

Financial data is only one aspect, personal information can be tracked using people's spendings habbits and can be utilized to distablize a country.

 

[RISING SUN]

@Aravind @randomradio I will reply to each of your posts with relevant links by EOD.

 

[Aravind]

Small companies have already moved there operations here including amall and mid size payment companies. It's only big companies which are resisting the move fearing they might face a situation between Indian and US laws.

If they want to do business here in India, then they better place their servers here.Why should Indian spender be subjected to USA laws? You are doing business in India not in USA.

 

[Aravind]

RUPAY is very well working on international platforms as well if you didn't know. It is widely acceptable with same domestic benefits.

The point i make is every transaction it is taxed by VISA and MASTERCARD while RUPAY doesn't tax it. I would rather have my transaction tax going to a Indian venture,than a US one.

 

[Aravind]

Financial data is only one aspect, personal information can be tracked using people's spendings habbits and can be utilized to distablize a country.

That is exactly what i was talking about, Why should our information be in the hands of USA lawmakers, who could put sanctions whenever they want.

 

[RISING SUN]

If they want to do business here in India, then they better place their servers here.Why should Indian spender be subjected to USA laws? You are doing business in India not in USA.

That is the point I have put across. Nobody should get the blank cheque so that in future Indian people are open to manipulation.

 

[RISING SUN]

ET View: India must enact a data protection law quickly
The European Union has finally adopted the General Data Protection Regulation, a new privacy law that gives people more control over their personal data and seeks to punish companies that violate a citizen’s privacy right. Not surprisingly, the world is eagerly watching its roll-out as countries are struggling to cope with data breaches and theft.

Many firms are said to have admitted that efforts to comply have forced them to organise loads of data they have stored. Now that a model has been set for the EU, India would do well to enact its own law using GDPR as a template. We need a data protection regulator who can hold companies and government accountable. There should be specific protection for the individual against unjustified surveillance. Privacy and data are issues that really go beyond just Aadhaar.

The nub of GDPR is the assertion that a citizen or a consumer has right over her data through its entire life cycle starting from the point of capture through its repetitive use at various stages. In the first instance, consent must be ensured. Down the line a person has the right to ask for deletion of her data (or what is called right to be forgotten).

Large Indian IT and ITes companies must comply with GDPR right away. Given the advanced notice by EU, the presumption is that all IT and ITes companies in India are well prepared. Would this be an opportunity or threat, given that there are huge penalties for violation? Effective compliance holds the key. It will prepare the ground for all companies to be geared for India’s data protection law as well.
ET View: India must enact a data protection law quickly

 

[RISING SUN]

 

[RISING SUN]

PM himself promoting the Rupay Card made within India by using in Singapore for payment. Made in India card.