I’m trying to figure out how to send $6000 from my Chase bank account to my wife’s Chase account for our income tax payment and the answer is to either:
- Write a free paper check
- Send $2000 for 3 days through Zelle
- Pay $25 for a wire transfer
America 
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Thijs Niks Retweeted Thijs Niks
In other countries, transferring money between bank accounts is instant and freehttps://twitter.com/thijsniks/status/1263730087549005824 …
Thijs Niks added,
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Replying to @thijsniks
Correct. I m surprised transfering funds within family is an issue. That too is US. Is Indian Banking n Payment system (Tech wise) really that advanced n we don't appreciate it enough ??
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Replying to @ashwindoke
UPI is way ahead of other bank transfer systems around the world!
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Replying to @thijsniks
UPI is, but even other Bank to Bank transfer modes too. IMPS (Immediate Payment Service) NEFT (National Electronic Fund Transfer) RTGS (Real Tim Gross Settlement) Banks transfer money to us immediately n at almost no cost, and later settle amongst themselves by end of the day.
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Replying to @ashwindoke
Absolutely true! Though I never understood why the RBI went down the road of building out IMPS and NEFT when they could have lowered the value limits and expanded the operating hours of RTGS. Would have also avoided the need for net settlement
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Replying to @thijsniks
Well it's less of RBI n more to do with NPCI making different products. Now RBI feels NPCI is not innovating enough, and has allowed other consortiums to bid for NUE (National Umbrella Entity) license n compete with NPCI. WhatsApp/Facebook has tied up with Reliance for it.
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Replying to @ashwindoke @thijsniks
Gonna be interesting to see who all get the license, and how they build a product as successful as UPI. WhatsApp, Amazon, Google in different consortiums are all kings of user behaviour n product adoption. Looking forward to see how things unfold.
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I always had the impression the RBI effectively calls the shots at the NPCI, so it’s interesting they feel the need for more NUEs. Also seems that payment systems pretty much have natural monopolies, so it’s rare to be able to successfully operate multiple at once
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Replying to @thijsniks
NPCI is consortium of top Banks which decide protocols to use between them to make payments more efficient. RBI usually doesn't interfere too much in it. NPCI audits too are independent. Predominantly for use of RuPay (competition to MasterCard n VISA) n at 0% MDR, its growing
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