Several countries have developed their own instant payment systems similar to India’s UPI. Here are some examples:
- China: WeChat Pay and Alipay are the two most popular mobile payment apps in China. Both are operated by Chinese tech giants, and they allow users to pay for goods and services using their mobile phones.
- United States: Zelle is a popular digital payments platform in the United States. It allows users to send and receive money using their mobile phones or email addresses.
- United Kingdom: The Faster Payments Service (FPS) is an instant payment system in the UK that enables individuals and businesses to make fast and secure electronic payments.
- Australia: The New Payments Platform (NPP) is a real-time payments platform in Australia that allows users to make fast and secure payments using their mobile phones or email addresses.
- Europe: The Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) is an instant payment system that enables individuals and businesses in the European Union to make real-time payments.
These instant payment systems operate similarly to UPI, providing users with a fast and convenient way to make payments. However, they may differ in terms of features, transaction limits, and fees, depending on the country and the payment system.