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How does America’s FedNow stack up against India’s UPI? | Mint Primer | Mint

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 2023
Industry

ECB launches instant payment service in challenge to tech giants

The 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 2018
Industry

Digital payments: 4 emerging trends

Banks 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 2018

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Budget

The 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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Plain Facts

Exciting, sharp and clear analysis of the trends that matter, through data and charts. Plain Facts is published every weekday, with coverage spanning across themes, including corporate strategy to inflation to unemployment and emerging sectors. Follow us on #MintPlainFacts across social media.

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