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Google cites learnings from UPI to US Federal Reserve for proposed RTGS service

Google has cited the example of India’s Unified Payments Interface (UPI), to the United States Federal Reserve for its proposed FedNow — a new interbank real-time gross settlement service. The company said that it worked closely with the National Payments Corporation of India (NPCI), which deployed the UPI, and added that UPI was “thoughtfully planned and critical aspects of its design led to its success”. Google’s remarks came in response (see below) to a paper by the US Federal Reserve, released in August 2019, to develop a new interbank “24x7x365” realtime gross settlement service, for which the body had invited comments. Google had responded to the Federal Reserve on November 7, but their submission surfaced on December 14. The FedNow service is expected to go live in 2023 or 2024, and would initially support values upto $25,000. Based on its learnings from UPI, Google recommended that the government and industry and should work together to grow ecosystems where payments are inclusive. It also said it sees the future of online payments as mobile first. “The approach in India attained amazing results for banks, consumers, other players within the payments ecosystem and India’s central bank. Adoption of the system [UPI] was rapid, growing from 100,000 monthly transactions, to 77 million, to 480 million, to 1.15 billion monthly transactions in the first four years. After just three years, the annual run rate of transactions flowing through UPI is about 10 percent of India’s GDP, including 800 million monthly transactions valued at approximately…

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