2020年经济学人 印度金融——UPI(2)（在线收听）

Both the identity and the payment layers are controlled by the government, but open to others. As a result, using the system is cheap.

身份和支付层面都由政府管控，但是对其他人开放。因此，使用该系统的成本很低。

Outside India payments tend to be handled mainly by private firms such as Visa, Mastercard, American Express or, in China, Ant Financial and Tencent.

除印度外，支付业务往往主要由私企处理，如Visa、万事达、美国运通或中国的蚂蚁金融和腾讯。

These own the pipes through which funds flow, and can charge heavily for their use.

这些银行拥有资金流动的管道，并且可以对用户收取高额费用。

Their close relationships with users create high barriers to entry, putting new entrants at a disadvantage. By contrast, UPI is forbidden to charge merchants fees.

它们与用户的密切关系抬高了进入壁垒，使新进入者处于不利地位。相比之下，UPI禁止向商户收取费用。

India's set-up enables competition. The heavily regulated banking system still holds all the funds.

印度的体制使竞争成为可能。受到严格监管的银行系统仍然持有所有资金。

However, layered on top are a number of lightly regulated private companies, with which customers interact directly.

然而在上层的是一些监管宽松的私企，他们会与客户进行直接接触。

These apps initiate transactions and have access to account information but do not control money or networks.

这些应用程序启动交易，且能够访问账户信息，但不需要控制资金或网络。

Paytm, a home-grown firm, and PhonePe, owned by Walmart, are big players. So too is Google, perhaps explaining its enthusiasm for the system.

本土公司Paytm和沃尔玛旗下的PhonePe都是大玩家。谷歌也是如此，这或许可以解释它对该系统的热情。

But the costs of switching are negligible, requiring just a tap on a phone.

但交换成本可以忽略不计，只需在手机上轻轻一按。

UPI will next step into the realm of lending. Seven "account aggregator" are preparing to launch (although covid-19 has delayed their roll-out).

UPI下一步将进入贷款领域。7个“账户聚集器“正等待推出（虽然covid-19疫情推迟了它们的推广）。

Once granted a customer's permission, these will compile a history of funds received and paid, which can be shared with lenders.

一旦获得客户的许可，这些程序就会汇编一份资金收付的历史记录，并可与贷款方共享。

The benefits of such a system are clear. It would break the links between credit and collateral or personal relationships,

这样一个系统的好处是显而易见的。它将打破贷款与抵押品或个人关系之间的联系，

and allow even small lenders to get loans based on their transaction histories and their income.

甚至允许小额贷款机构根据他们的交易历史和收入获得贷款。

When combined with cheap transfer costs, the cost of lending to even the tiniest business could fall. These now pay as much as 4% for a one-day loan.

再加上低廉的转移成本，即便是向最小企业放贷的成本也可能下降。现在一天的贷款利率高达4%。

But this is also where the drawbacks of UPI could become most apparent. Only a handful of transactions fail, but glitches have been known to occur.

但这也是UPI劣势最为明显的地方。只有少数交易失败，但已知会发生一些小故障。

Aadhaar numbers have leaked before. Security matters more when access to credit is at stake.

此前，Aadhaar数据泄露。当信贷的获取受到威胁时，安全问题就更加重要了。

Another concern is the extent of the government's control over parts of the infrastructure. In related areas it has not been above misusing its clout.

另一个问题是政府对部分基础设施的控制程度。在相关领域，政府一直在滥用自己的影响力。

In 2019, for instance, it shut down the internet in the troubled territory of Kashmir.

例如，在2019年，印度政府关闭了问题领土克什米尔地区的互联网。

Clever as India's digital financial system is, such risks could mean that, for some, cash retains the edge.

尽管印度的数字金融系统很聪明，但这种风险可能意味着，对一些人来说，现金仍具有优势。