As a result, it is incapable of processing transactions at the velocity or volume that modern financial systems demand. In Unified Payments Interface (UPI), India has a robust digital payments infrastructure that, within just three years of its launch, already effortlessly processes more than 750 million transactions a month. In its report on deepening digital payments, the Nandan Nilekani Committee has recommended that it is time to take UPI global. Several different options have been proposed, including amending UPI protocols to include currency conversion support and directly connecting UPI to global payments systems to allow immediate, low-cost remittances to take place over the UPI system. There is no need to optimize blockchain technologies to meet the needs of developing markets when we already have a proven, world-class digital payments protocol in India that can easily be internationalized.

Source: Mint July 23, 2019 17:48 UTC