Google wants US Federal Reserve to follow India's UPI example and build 'FedNow'
- Google has written to the US Fed Reserve Board saying UPI is an interbank transfer system, it is a real time system and is 'open'
- According to Google, UPI was thoughtfully planned and critical aspects of its design led to its success
New Delhi: In a thumbs up to the Indian government's Unified Payments Interface (UPI) scheme, Google has written to the US Federal Reserve Board detailing the successful example of UPI-based digital payment in India in order to build "FedNow" -- a new interbank real-time gross settlement service (RTGS) for faster digital payments in the US.
Login to enjoy exclusive benefits!
- Unlocked premium articles
- Personalized news
- Market Watchlist
- Insightful Newsletters & more