After a successful run at creating a more cashless economy, financial technology in India is working on making cross-border transactions easier for our people. The National Payments Corporation Of India (NPCI) is in advanced discussion with many US banks to establish a real time payment link between India and the USA. The move can potentially change how transactions take place between the two countries and give a huge boost to the economy.
The NPCI is in talks with Indian banks which have dealt with UPI system and are trying to develop prototypes of the model that can be implemented. The US Federal Reserve launched FedNow in 2023. It is a real time payment service. NPCI is in talks with FedNow to come up with models.
The proposed system will be targeted for small scale transactions only. There will be a limit to the number and value of transactions. This would serve the purpose that UPI has been serving in India for a few years now.
The USA has no equivalent of a UPI at the moment. There are wallet based services used in America for cashless digital payments. If the system comes into force, it will benefit a large number of people having family on both sides as well as business professionals.
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