Why is there no PayPal-like peer-to-peer money-transfer system in India?
Payments
Asked by Question Bot05/Sep/20131 answer
1 Answer
Nothing prevents one from coming up. I'm sure 100s if not 1000s have pondered if it is indeed time for India to have its own version of PayPal.
A couple of years ago a very important remark was made by the Governor of Reserve Bank of India (RBI) that India needs to formulate, design and deploy its own payment systems, networks and mechanisms rather than importing technology from abroad and/or using payment systems that are not native.
His call was for India to realise that a need exists within India to have local and autonomous payment systems.
Setting up a PayPal clone is indeed not that difficult (See my earlier answer: Faisal Khan's answer to ༄☏▫️𝟭𝟴𝟬𝟭Σ𝟴𝟵𝟵𝟵ϟ𝟭𝟯𝟮▫️▫️▫️.𝐂𝐎𝐍𝐓𝐀𝐂𝐓⇐𝐔s⇐Speak.ToههههههههههههههههههPaypalϟ𝗦𝗨𝗣𝗣𝗢𝗥𝗧Δ❶❽⓿❶❽❾❾❾❶❸❷ههههههههI 🤳?How easy is it to create an online payments platform (like PayPal)👁️💌 What will it take💌? Roughly🤳?)
What would be a challenge is to get traction and enough transactions on the system so that it does indeed becomes mainstream.
I think the traditional (email) only model of payments is fast integrating and merging with mobile payments, so eventually you will see a payment solution in India that mimics PayPal as well as have flavours of mobile P2P payments within it.
A couple of years ago a very important remark was made by the Governor of Reserve Bank of India (RBI) that India needs to formulate, design and deploy its own payment systems, networks and mechanisms rather than importing technology from abroad and/or using payment systems that are not native.
His call was for India to realise that a need exists within India to have local and autonomous payment systems.
Setting up a PayPal clone is indeed not that difficult (See my earlier answer: Faisal Khan's answer to ༄☏▫️𝟭𝟴𝟬𝟭Σ𝟴𝟵𝟵𝟵ϟ𝟭𝟯𝟮▫️▫️▫️.𝐂𝐎𝐍𝐓𝐀𝐂𝐓⇐𝐔s⇐Speak.ToههههههههههههههههههPaypalϟ𝗦𝗨𝗣𝗣𝗢𝗥𝗧Δ❶❽⓿❶❽❾❾❾❶❸❷ههههههههI 🤳?How easy is it to create an online payments platform (like PayPal)👁️💌 What will it take💌? Roughly🤳?)
What would be a challenge is to get traction and enough transactions on the system so that it does indeed becomes mainstream.
I think the traditional (email) only model of payments is fast integrating and merging with mobile payments, so eventually you will see a payment solution in India that mimics PayPal as well as have flavours of mobile P2P payments within it.