Why can’t other countries copy UPI? If so, then will the Indian UPI slow down?*
India has very low penetration of credit card. That, plus a number of other factors, provided a fertile breeding ground for UPI.
Why would other countries copy UPI when many of them have
- a high penetration of credit card
- their own version of UPI-like A2A RTP like FPS / PayM (UK), Zelle / Venmo (USA), Alipay / WeChatPay (China)?
UPI has indeed driven impressive penetration of digital payments in India.
But it's silly to compare that with the West. Even 15 years ago, I never paid with cash for shopping in USA. Everybody accepted credit card.— Ketharaman Swaminathan (@s_ketharaman) March 10, 2022
*: This is the original question I answered. I’m repeating it to help me make sense of my answer in case it’s moved to / merged with some other question that I didn’t answer.