[anaganisk]

Good for you, but it's like saying, I rather travel by steam engine/someone else's car, while other countries are able to provide bullet trains. That how different payment methods in US vs few countries( I've only lived in the US and India, so I gave India as an example).

[rootusrootus]

I can pay anyone instantly, and get paid instantly. What am I missing?

[anaganisk]

Assuming you are using Zelle or Cash app or PayPal Those are run by 3rd party companies, that can absolutely keep/loose your money, and are a privacy liability, why I used some one else's car analogy. Or if you are using direct bank transfers, I've never once had a transaction that went thru from chase to any other in seconds, it literally took atleast 3 days.(steam engine analogy) Also if I input the data into any service, there is no authorization forever. Just my A/C number which could be leaked, and routing number which is easily obtainable info are enough, which is security liability. Fun part is even direct bank transfers take mere seconds to complete and are also authenticated and authorized via OTP. And UPI is not some random company, it's a common public interface between banks built by the govt. Every bank integrates into the system. Its well documented, and any app or infact anyone implement clients for it. It's authenticated for every transaction. And they do, we have 10s if not 100s of apps. And everything is real time(bullet train analogy) UPI has become so common in India that even in villages, shops, tuks tuks (autos as we call em), even beggars accept it. But in NYC, I barely could use Zelle. PayPal is never even accepted at an most shops. Cash app has better adoption as Zelle but then again not preferred form of payment, UPI is default form of transfer that is an actual cash replacement.