August 15 Special: Know why America is worried about Indian UPI? – august 15 special know why america is worried about indian upi

India is celebrating Independence Day today. Independent India has achieved a big victory on the technology front. From space to communication and online payment, India’s storms are high. The Chandrayaan 3 mission has recently been launched by the Indian Space Agency, which remains a challenge for the American Space Agency NASA. Also, 5G network is being rolled out rapidly in India. Apart from this, the digital payment system UPIA has increased the concern especially of America. In today’s article, we will talk about how the UPI system is raising the concerns of America.

America’s control over digital payment
It is about the time when debit and credit cards were present in India in the name of digital payment. But the Indian debit and credit card business was dominated by American companies Mastercard and Visa. Means you take debit or credit card of any bank. But these two companies used to operate it. Along with this, she used to charge as per her wish. Apart from this, it used to control the digital payment data of Indians. Both these companies used to store the payment data of Indians on US servers. To reduce this dominance of America, India launched its own Rupay debit and credit card.

This is how the occupation of American companies ended
But there could be no reduction in this dominance. For this, India developed the UPI payment system. It was developed by the National Payment Corporation of India ie NPCI. In today’s time, UPI is being used everywhere. UPI copy is becoming popular in India as well as abroad. Because of which a decline has been registered in the case of payment through debit and credit cards. In such a situation, it took a while that the dominance of American companies like Mastercard and Visa ended.

American entry again in UPI
But the screw got stuck when the dominance of American tech company Google Pay and PhonePe increased in the Indian payment system i.e. UPI. The government wanted that no one or two companies should have control over UPI. In such a situation, the central government has now come up with a UPI plugin system to reduce the dominance of PhonePe and Google Pay in the matter of UPI payment.

What is UPI Plugin System
PlanIn means that UPI apps like PhonePe and Google Pay will not be required to make UPI payments. In this, the virtual payment address will be used for any online payment. Means any company will have its own payment UPI payment ID, on which it will be able to accept the payment. This will end the dominance of Google and PhonePe.