I consider this as an excellent development. Since NCPI is planning only on debit cards, it will motivate the Indians to continue the usual practice of spending their own money and not credit money UNLIKE THE AMERICANS.
Credit card and free money has become an addiction to the Americans. It is the Americans who have introduced and promoted the concept of DEBT based economy and now they are so deep in debt, their economy is going to go down in flames.
My fellow Indians, stay away from these credit cards and only use your debit cards. IndiaPay debit cards should be promoted.
Rediff is right in running this article. They should continue to run articles about the risks of free money in the form of credit cards.
Re: This is an excellent development!!!!
by iota on Dec 14, 2010 07:46 PM
MasterCard, Visa work around the world, IndiaPay will have this Significant disadvantage.
Re: Re: This is an excellent development!!!!
by Uncomparable on Dec 18, 2010 02:15 PM
Asia Pacific will adopt these cards faster in the world due to cheap and profitable transactions. Somebody had to stand against VISA/mastercard, than why not Indians? Not a bad idea. This will boost Indian economy and increase usage of Rupee in international market. Good move by RBI and other banks. As far as its popularity in the world is concerned, it will be widely accepted within a span of 5 years.
India cannot afford cyber attacks that would result. India is poorly equipped with Security tools to safeguard a high-profile application Gateway like Visa and MasterCard. Also lot of experienced smart guys are already there to make a scam much bigger than 2G scam
Re: Sarkari Trash
by Om Shanti on Dec 14, 2010 07:35 PM
China government also have Union Pay which is honoured by multinational banks and Chinese people prefer Union Pay to Visa or Master card as well...so I think nothing harm in having our own India pay...
Re: Re: Sarkari Trash
by iota on Dec 14, 2010 07:44 PM
I hope Politburo and their Parliament is having regular sessions, and not full of criminals like ours who wasted 3 weeks and Rs 150 crores doing nothing.
The premise that merchants will insist for India pay is childish & lacks knowledge of market forces.The outlets are facing intense competition & will never bother for 1 or 2 % cut as VISA & MasterCard gateway enjoys complete monopoly on card business.
Re: Thats the first move to remove financial dependency
by Mohan Rao on Dec 14, 2010 07:30 PM
But Indian companies cannot afford the costs involved. I doubt whether they can provide better and cheaper services than Visa and Master Card though the idea is most welcome.
Re: Thats the first move to remove financial dependency
by DeepBlueSomething on Dec 14, 2010 07:10 PM
yes, I agree. Provided that they function without any major bugs!
