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Google pushes UPI model of digital payments for US Fed

Citing the UPI’s phenomenal success in India, Google, in a letter to the Fed, said FedNow should be an open system, like the UPI. Photograph: Shannon Stapleton / Reuters. The US Federal Reserve, or the Fed, should replicate India’s Unified Payments Interface (UPI) model for its proposed interbank real-time gross settlement (RTGS) service, Google has recommended. Launched in 2016, the UPI is the country’s flagship real-time payments system, which allows users to transfer money ...
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