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That's exactly how UPI works. The protocol and payment network is operated by a section 8 non-profit pseudo-government entity. All banks are mandated to connect
by vinay_ys 3y ago
That's exactly how UPI works. The protocol and payment network is operated by a section 8 non-profit pseudo-government entity. All banks are mandated to connect to it. As a customer you can have your account with any bank and be on UPI. Then, a bunch of non-bank third-parties are licensed to build UX apps. Google Pay, PhonePe are examples of this. They tie up with a bank partner to get access to the APIs. Then they can acquire customers onto their app and facilitate transactions. The customers with any bank using any UX app can send or receive money to anyone on any bank or app. No walled gardens permitted and actively discouraged.