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How does America’s FedNow stack up against India’s UPI? | Mint Primer | Mint
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The United States Federal Reserve's FedNow payment... moreThe 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.
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