The Indian Reserve Bank (RBI) and NPCI introduced UPI (Unified Payment Interface) back in 2016, similar to FedNow. This potentially disrupted the business and p

The Indian Reserve Bank (RBI) and NPCI introduced UPI (Unified Payment Interface) back in 2016, similar to FedNow. This potentially disrupted the business and product that Paytm (similar to Venmo) offered. Interestingly, NPCI also allowed third-party apps to integrate UPI payments directly into their app. Users could use both the Paytm wallet and UPI for transactions. These apps that integrated UPI saw a huge rise in daily usage and volume of transactions, which was ultimately beneficial for them (they could channel promotional coupons/offers through the apps). UPI was generally preferred over online wallets as the medium of payment because of direct bank-to-bank transactions. So if the Fed does something similar, might just be a win-win.