Hey I am on Medialย โขย 1y
Why is UPI not in foreign? Why couldn't any other country build something like UPI despite them having greater tech talent and a more tech-friendly government?
Introvert!ย โขย 1y
Because they don't have Adhar like biometric identification system. In other countries it's extremely difficult to implement the adhar because of privacy system and many more.
But whatโs stopping them from building all of this ?
1. Privacy 2. Western world is hard-core capitalist, unlike we ha gov. Big corporations, banks , they don't have that. Visa, MasterCard like monopolistic companies would never allow UPI like system where they would become irrelevant. 3. Big banks and other financial institutions would never allow because it will destroy their monopoly by providing equal opportunity and rights to other banks, entire financial system is owned by the big banks because of capitalism. They have tie up with wallet apps like PayPal so..
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