Comment by carlosjobim
17 hours ago
That's great, and something which all other payment systems should also adapt. As it stands now, no payment method offers any fraud protection mechanism except for Visa and Mastercard - and also UPI as you mention. Not even old school bank transfers have fraud protections.
> Why would any system of payment not have a chargeback mechanism if someone stole from you?
I couldn't agree more.
I only notice one problematic thing there in your link: Wrong recipient. And it says you cannot get your money back without the cooperation of the recipient. With card payments you never risk paying to the wrong recipient by typing a number wrong or such.
> I only notice one problematic thing there in your link: Wrong recipient.
There is a trade-off. Many systems do offer the ability to get your money back without the cooperation of the recipient. But those systems are also filled with the scam, where you send someone money, then convince them to send the money back manually, and finally reverse the original transaction.
You can counter this by more policing of these types of scams, but usually the amounts in each individual case are small, so police have very little incentive to do anything about it.