Google wants US Federal Reserve to draw lessons from India’s UPI success

In a thumbs up to the Indian government’s Unified Payments Interface (UPI) scheme, Google has written to the US Federal Reserve Board detailing the successful example of UPI-based digital payment in India in order to build “FedNow” — a new interbank real-time gross settlement service (RTGS) for faster digital payments in the US.

In a letter written by Mark Isakowitz, Vice President, Government Affairs and Public Policy, US and Canada, Google, the company said it worked closely with the National Payments Corporation of India (NPCI), the payment regulator government by the Reserve Bank of India (RBI), to build ‘Google Pay’ for the Indian market.

NPCI deployed a real-time payment system UPI in 2016.

According to Google, UPI was thoughtfully planned and critical aspects of its design led to its success.