India-Technology for the world is ready: Anopam Mittal says it is time to clarify global giants such as Visa, MasterCard

Shaadi.com Anupam Mittal has called on the unified payment interface (UPI) to expand worldwide, and challenge traditional giants such as Visa and MasterCard. In a tweet on Thursday, Metal highlighted the capabilities of UPI to disable millions of dollars in the elimination of transactions fees and make global payments smooth.

“UPI enabled global transactions without cost in India. It’s time to disable COS like Visa & Master as well as banks that get 2-5 % of a thirty dollar pie. Books.

UPI, developed by the National Payments of India (NPCI), has a revolution in digital payments in India by providing immediate or actual time without costs or minimal costs. Unlike traditional payment networks that impose fees on merchants and users, UPI made daily transactions smooth and unoccupied, which prompts financial inclusion throughout the country.

Metal’s comments come at a time when India was pushing an activity of UPI international. Countries such as Singapore, the United Arab Emirates, Sri Lanka, France and Nepal have already began to integrate UPI systems, and discussions continue with many others. The central government and NPCI are expanding UPI emissions through cross -border cooperation, with the aim of establishing them as a global alternative to current payment networks.

Traditional players such as Visa and MasterCard, along with international banks, receive between 2 % to 5 % for each transaction, a cost borne by companies and consumers in the end. Mittal argues that the UPI model of zero cost can disrupt this system and reduce the cost of digital payments around the world.

While challenges such as organizational approvals, currency exchange mechanisms and inter -employment remain, the MITTAL statement confirms the increasing confidence in UPI capabilities.

Meanwhile, to maintain the UPI’s ecosystem within reach of all users, the government launched an incentive plan to “promote low-value transactions to Merchant (P2M)”. Under this scheme, UPI transactions from a person to customization (P2M), whose value is estimated at less than 2000 rupees and made for young merchants, will be the impossible bank and other concerned stakeholders will be qualified to obtain an incentive at a rate of 0.15 % per value of treatment.