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by Financegossips
UPI. The USA is jealous of this Indian technology because it can ruin its dominance in digital payment world.
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UPI is an instant digital payment system that is used by apps like Paytm and PhonePe to help us transfer money between two bank accounts.
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Globally, countries use the SWIFT payment system where all transactions go through the central bank of the USA, and the bank charges a commission for this service.
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The US also imposes SWIFT restrictions on countries; The latest case is Russia because of the war. The SWIFT system is a kind of soft power of the USA and they don’t want to lose it at any cost.
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Now the world is recognizing that UPI is a better alternative to SWIFT because of its interoperability. It’s hard for the US to stomach, but more than 10 countries have already agreed to adopt UPI technology.
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It goes without saying that UPI is the best way to transfer money digitally. SWIFT Payment System is far behind this Indian technology.
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Surely, even if being the richest country on the face of the Earth, the USA can't offer its citizens what can simplify their life. It's totally injustice.
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On December 1, 2022, Government of India launched CBDC (Central Bank Digital Currency), which is said to be a better alternative to UPI.
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