Community

MINT and other PFM / MoMMA apps have been giving these "Hey! Save $2,000-a-year by moving money" alerts for nearly 20 years, and still customers didn't bother to take action, as the $27T deposits in zero interest accounts stands testimony. Even the Bank Account Number Portability regulatory mandate didn't change the status quo significantly. On the other hand, when SVB and a couple of other banks went bust, it led to a flight of capital to the 0.01% interest accounts of JPMC, BofA, etc. 

Let's see if McKinsey's GTM driven by Loss Aversion Principle drives much change in consumer behavior now. IMO, if the new breed of AI Agent automatically moves deposits to higher yield accounts, it could achieve what traditional PFM and MoMMA apps failed to achieve in the last 20 years.

That there's AI Bubble is old news. That AI Bubble will burst is a no-brainer and repeat of all past bubbles. The only mystery left is when the AI Bubble will burst. Wish BoE had cracked that Holy Grail.  

Oh, if you're referring to "free" part of UPI, then let me point out that UPI was NOT FREE at its inception in 2016. It became free only when Reg ZeroMDR came into effect from 1 Jan 2020.  

Having sold technology to banks for 40 years, I've a different view: If banks don't like something, they'll make sure that people will never perceive it as good and / or made free by government!!! But the point is moot in the current context since, as I said, when government mandated banks in India to support UPI, UPI was not free.  

In a capitalism, governments normally don't intervene in capping prices and enforcing price controls for products / services sold by private sector companies, ergo IMO more governments don't mandate that their respective A2A RTP should be FREE. Even in India, price control like Zero MDR on UPI is rare and restricted only to industries like banking which are majority owned by government. There are generally no caps on prices of food, housing, education, and other industries where government does not have a major ownership.