Google wants India's UPI to become a global model

Washington : India’s Unified Payment Interface, launched in 2016 has been a successful model all across the nation and with a surge in transactions, pushing it towards the reliable sources of payment, the Google wants it to become a global model for transactions.

At last count, in November, 1.2 billion transactions took place via UPI adding up to nearly Rs 1.9 lakh crore, according to data from the National Payments Corporation of India.

Now, with its success, the UPI is fetching the global attention.

Google LLC has recommended that the U.S. Federal Reserve implement a real-time payments platform, on the lines of India’s UPI.

Earlier in August this year, the US Federal Reserve had published in the newspaper about the proposals to develop a 24x7 real time gross settlement service, supporting faster payment services in the US.

The central agency has invited suggestions from all its stakeholders on what the design and features of the ‘FedNow’ Service could look like. The service is likely to get rolled out in 2023 0r 2024.

Responding to it, the Google has recommended India's UPI model.

“UPI was thoughtfully planned and critical aspects of its design led to its success,” said Google’s Vice President of Government Affairs and Public Policy Mark Isakowitz, in a letter to Fed’s board of governors the dated Nov. 7.

BloombergQuint confirmed in their report that they have seen the copy of the letter.