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A comment on Egypt prepares to start move to new capital, away from the chaos of Cairo. Parent comment

Re:Egypt prepares to start move to new capital, away from th... by haltingproblem on Friday March 19, 2021 @09:33PM (#26519980)
In India, UPI payments approaching 100 million a day, are free for sender and receiver. The RBI (Indian Fed) has a subsidiary which operates the switch.

The payments are bank-to-bank account and non-recourse so they cannot be pulled back once initiated. There is no credit and fraud component.

India is not an exception and most other countries have similar structure. I think WeChat payments have a similar cost structure though I might be wrong. Most payment systems are very low cost (approaching cost of bandwidth). For comparison, FedWire can transmit payments upto 100 million and above for ~$1.20. Below $100 Million it is $0.90 ;)

UPI Statistics: https://www.npci.org.in/what-we-do/upi/product-statistics

FedWire Cost Table: https://www.frbservices.org/resources/fees/wires-2021.html

[ Parent | on HN ]
Re:Egypt prepares to start move to new capital, away from th... by powerapple on Saturday March 20, 2021 @05:04AM (#26521754)
On WeChat, there is a WeChat Wallet, similar to AliPay, you can store cash in it, so there is no need to go through bank for payment since the buyer and seller all have a wallet from the same company.
[ Parent | on HN ]