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Woah, I did not know about India's UPI. And it serves more than India!

Check it out: https://en.wikipedia.org/wiki/Unified_Payments_Interface

    Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI). The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.[1][2] UPI is an open source application programming interface (API) that runs on top of Immediate Payment Service (IMPS).[3][4] It is regulated by the Reserve Bank of India (RBI) and works by instantly transferring funds between two bank accounts on a mobile platform.
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"Markets" here means some limited ability to transfer to/from India, but nobody uses UPI for domestic transactions in these places.

Singapore has an equivalent system called PayNow, which is equally instant and ubiquitous.


PayNow (NETS) works with ~5 banks and is effective within a place as large as major city. Hardly an analog.


I'm responding to the earlier claim that UPI can be used in Singapore (or anywhere outside India), which is really not the case.




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