Can the Visa-Mastercard duopoly be broken?

Re:Can the Visa-Mastercard duopoly be broken? by throwaway2037 on Wednesday August 17, 2022 @08:03PM (#32503474)

Woah, I did not know about India's UPI. And it serves more than India!

Check it out: https://en.wikipedia.org/wiki/Unified_Payments_Interface

    Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI). The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.[1][2] UPI is an open source application programming interface (API) that runs on top of Immediate Payment Service (IMPS).[3][4] It is regulated by the Reserve Bank of India (RBI) and works by instantly transferring funds between two bank accounts on a mobile platform.

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Re:Can the Visa-Mastercard duopoly be broken? by thematrixturtle on Wednesday August 17, 2022 @08:40PM (#32503758)

"Markets" here means some limited ability to transfer to/from India, but nobody uses UPI for domestic transactions in these places.

Singapore has an equivalent system called PayNow, which is equally instant and ubiquitous.

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Re:Can the Visa-Mastercard duopoly be broken? by bergenty on Wednesday August 17, 2022 @09:52PM (#32504264)

PayNow (NETS) works with ~5 banks and is effective within a place as large as major city. Hardly an analog.

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Re:Can the Visa-Mastercard duopoly be broken? by thematrixturtle on Thursday August 18, 2022 @12:52AM (#32505454)

I'm responding to the earlier claim that UPI can be used in Singapore (or anywhere outside India), which is really not the case.

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