Ofcourse, all three are instant payment systems, but we are going to benchmark the fastest based on the user experience - number of steps, number of c

Hyperswitch | Global Payments: Unpacking User Experiences in FedNow, Pix, and UPI

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2024-07-05 13:30:03

Ofcourse, all three are instant payment systems, but we are going to benchmark the fastest based on the user experience - number of steps, number of clicks.

Payment experience is the critical factor which influences the adoption of Account to Account payment systems by digital businesses (or merchants) for Consumer-to-Business use cases. And we will be comparing the payment experiences across three Account-to-Account payment systems in the world - Fednow (US), Pix (Brazil) and UPI (India).

Now, let’s have a quick look at how a typical bill payment experience will look like - across Fednow, Pix and UPI. And then we deep dive into how and why such experience diversity exists.

It always boils down to two important factors defining and differentiating Payment experiences across Account to Account Payment systems. The approach taken by the payment system operator becomes the key enabler for seamless Consumer-to-Business payment experience.

If the owner of the Bank account is enabled, authenticating the payment helps to fundamentally prevent fraud and protect the account information of the user. Such authentication may happen in the Bank App (Bank domain) or in the Merchant App (Merchant Domain).