Tuesday, February 14, 2017

Universal payment system from India works fine in the sandbox

Technical document here.

They say:
The term “Virtual Payment Address” is used to depict an identifier that can be uniquely mapped to an individual account using a translation service. In addition to Aadhaar number and Mobile number as global identifiers (mapped by NPCI), PSPs can offer any number of virtual addresses to customers so that they can use the virtual address for making and receiving payments.

I say card ID.

They talking about secure hardware in the POS:

Square Square introduced a simple piece of hardware that could turn a mobile phone into a payments device that can accept credit cards, thus allowing any one to accept card payments securely. This has now been replicated by many companies, and has expanded the number of people who can accept card payments. Square's innovation centered around  the use of a secure hardware, that could be use the compute and communication capabilities of a smartphone to enable anyone to accept a card payment. 

They have it as an add on to the smart phone.  I say  give it to everyone.  The architecture, as I see it, is that UPI  defines the deal, accept or reject.  

The UPI format is URL,that is a universal resource locator.  The resource located is the thing that can guarantee the ledger service, actually. In the sandbox that can always be null, or required by a third party as desired.  

The second thibng to know is that the trading bots will see these URL encoded UPI definitions a thousand time a second.  They have to parse and read them, but I see no difficulty since the pits generally run with the null ledger service.

Bottom line:

Like a lot of what is going on, UPP is great stuff, most of it makes its way in the sandbox.  A URL based 'fulfillment' definition might just work, and the bots might adapt that format to share histogram trees.  It is something I expect to work out very rapidly.

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