How UPI is shaking the US to its core | WA Files

Unified Payments Interface (UPI) is like a super handy tool that combines all your different bank accounts into one app on your phone. It makes things really easy – you can send money to your friends, pay at shops, and even ask your friends for money. The cool part is that you can use this app on any type of phone – Android, Windows, or iOS. Each bank has its own version of the app, so it's like having all your banks in your pocket, making money stuff super convenient!

Now, here's an interesting twist: In the United States, they mostly use debit or credit cards from big companies like VISA or Mastercard. These cards are a big deal, and there's a reason why the U.S. doesn't have something like UPI. You see, in the U.S., companies can lobby, which means they can talk to the government and try to influence decisions. So, when other countries were creating their new payment systems, U.S. officials convinced them to make rules less strict, just because big card companies didn't want anything affecting their profits. This kind of lobbying is strong in the U.S., and it happened in India too when the government wanted to limit Visa and Mastercard. These companies talked to the U.S. Trade Representative, saying they were worried about fair competition, and the U.S. Trade Representative wrote a memo supporting them.

[SanZv]

My parents are 50+ yrs old who just studied till class 5, they use phone pay to make our electricity bill payment go and pay to vegetables vendors and mostly everything, I taught them initially and now they are pro at it, I feel so proud of them,
And for me i have stoped carrying cash from few years personally.

[drarunaj]

UPI and Jio's launch...May be the best revolution happened in India in the last 2 decades..

[getvimlesh]

I don’t remember the last time i wrote a cheque or withdraw money from atm. 🏧 UPI is life saver ❤

[SH-jifk]

In india if you forget your wallet at home you can still do full shopping on your mobile payment. You dont require cash at all

[shinjitsumasayoshi]

I have lived abroad for 20 years, trust me there is nothing that comes close to UPI anywhere. Its simply awesome, and super fast

[sudhakpad]

After being abroad for 8 years, 1 visit to India showed me how every shopping experience is so easy and how every local business owner finds it easier. Even a 100 year old who has no exposure to digital market finds it easier with upi! This is a life saver!!!

[AnupumPant]

The whole idea of US labeling innovation as “Threat” to ancient ways of money making is itself a threat to the prospect of much more money making in the long run.

[hrushikeshavachat]

One of the major revenue stream for UPI companies is the data generated through transactions. This allows these companies to analyze the data to offer better systems to the users while increasing the revenue for the companies

[indianpatriot]

Thanks Modji for making it happen.
Proud to be Indian

[vpmanoharan]

That punk us educated chidambaram former fm predicated failure in India due to illiteracy. Waiting for him to go behind bars.

[Pln]

Fantastic! This way, individuals will only spend the money they possess, preventing credit cards, those financial vampires, from strangling people with debt.

[jayrawla]

As Indians, We don't carry wallet anymore, we don't use plastic money, we use E money.. The UPI.

Last but not the least, Indians are quick to adapt., that's our key to success.

[Confusedbetweenfoodandfitness]

I hardly carry cash, only around 1000₹ just in case my UPI transaction doesn’t get through or my bank services are down which is very very rare. Best part is that these online transactions are now common and embraced by people in small towns as well.

[senthilnathan]

In india even a small vendor whose turnover is just 5 dollar, has UPI account.

[sambhavmishra]

India has and always been self-made country..If India is not offered with any technology it has enough potential to build it on its own. There's no country better than India in terms of ideology, humanity, compassion, technology and cultural diversity. Jai Hind ❤

[itsmearv]

If UPI starts in US. Visa and mastercard like companies will be bankcrupt or huge huge loss. 😂😂😂

[jonswap]

I remember in 2000 having to pay a big sum of money and having to queue up to make a telephone call abroad. How things have changed!

[jaai]

It's 1.5 bn people'. Tech is complex and India did it and succeeded 💪👍

[Otesego_Genesis]

Another feather in our Hat 🎩. I love my India. Jai Hind 🇮🇳

[Shamansdurx]

Never allow facebook in the fintech sector of India, its a security threat for the nation.