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8 reasons why Google and Sundar Pichai think India is better than the US in digital payments

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Here’s another compliment for India’s digital payments system. This time from Alphabet CEO Sundar Pichai. During the company’s latest earning call, Pichai said that the firm has taken cues from the successful implementation of Google Pay in India and would soon roll out its revamped digital payments product globally. “We’ve had a lot of traction with our payments product over the past 18 months. We had a tremendously successful launch in India from which we learnt a lot of features, and we are bringing that and we are revamping our payments products globally,” Pichal said during the earnings call. The growth in 2018-19 is said to be driven by steep rise in UPI-based digital payments.

Late last year, Google vice president, government affairs and public policy, US and Canada, Mark Isakowitz, asked US Federal Reserve to create a system similar to India’s Unified Payment Interface (UPI) (built by National Payments Corporation of India). In the letter, Google VP shared the company’s learnings from UPI system with the US government. “Google has been a successful market participant in India’s use of UPI, and Google Pay provides one of the three leading mobile applications that use UPI, as measured by transaction volume,” the letter said. Google wants the US government to follow a similar model of open-payments to build FedNow, a new interbank real-time gross settlement service (RTGS) for faster digital payments in the country.

So, here are the reasons why Google thinks US needs to follow India’s digital payments system …

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