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Why USA isn't accepting this Indian Technology?

by Financegossips

What's that Technology?

UPI. The USA is jealous of this Indian technology because it can ruin its dominance in digital payment world.

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What is UPI?

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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USA vs UPI: 01

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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USA vs UPI: 02

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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What's Changing?

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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Can UPI disrupt Swift?

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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Is the USA doing injustice to its citizens?

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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what's going on with UPI in india?

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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