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How fintech has become a game changer in finance sector

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2023-05-26 06:30:03

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In November 2019, Mark Isakowitz, vice president of government affairs and public policy, USA and Canada at Google, wrote an interesting letter to the Federal Reserve in support of the Fed’s idea to deploy ‘FedNow’, a new interbank Real Time Gross Settlement (RTGS) facility. Interestingly, the letter cited the example of India’s Unified Payments Interface (UPI), a digital money transfer platform aggregating multiple bank accounts and a peer-to-peer mobile phone-based platform that facilitates real time money transfer electronically, 24×7 and 365 days a year. The letter highlights the adoption numbers from UPI’s modest start in 2016 to its emergence as the world’s largest payment platform.