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0 pointsfigassis2y ago0 comments

This is usually never the way it happens. The government does not make market ending decisions on a whim. It would have already met with the biggest stakeholders and fedNow is likely the result of many considerations and compromises. Visa will likely not be threatened any time soon.

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cubefox2y ago

Yeah. Unlike UPI in India, FedNow is not mandatory for anyone. But companies could still offer "discounts" to customers when they use FedNow, as they save on credit card fees.

Onewildgamer2y ago

UPI is not mandatory in India, don't know where and why such a message circulates. If I am benefitting with Credit Cards at petrol pumps, I deliberately use it and there's no concern from anybody. Merchants prefer UPI (for now) because money goes to their bank account without any cost. And cash still works at most places where UPI does.

instagraham2y ago

Companies with large turnovers (above Rs 50 crore - 6$ million) are mandated to have a route to accept digital payments

https://incometaxindia.gov.in/communications/circular/circul...

Besides this, stakeholders/partners of the NPCI are mandated to offer UPI services. I'm not sure if signing up was optional, but it would honestly be suicidal for a bank not to, given that there are so many competitors offering the same.

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