The United States Federal Reserve's FedNow payment system is similar to India's Real-Time Gross Settlement (RTGS) system rather than UPI. Unlike UPI, FedNow does not use unique virtual addresses or phone numbers as identifiers; users need to log in to their internet banking service and use their bank account number and routing number for real-time payments. However, FedNow is more expensive than UPI, with transaction fees for users. While UPI has been a resounding success, experts believe FedNow's adoption may vary by use case, with potential focus on business-to-business payments rather than peer-to-peer transactions like UPI.
8 Aug 2023The pan-eurozone instant payment service is a direct challenge to the 'digital wallets' provided by the likes of Google, Apple, Amazon or China's Alibaba and Tencent
3 min read30 Nov 2018Banks and fintech companies adopting new technologies for ultra-fast transactions, incentivisation of digital payments and use of data are some of the emerging trends that will push forward the adoption of digital payments
1 min read21 Aug 2018The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared
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