💨 Abstract

India is urging the Financial Action Task Force (FATF) to ease compliance requirements for cross-border payments via its homegrown Unified Payment Interface (UPI), as smaller payments are currently subject to stricter regulations than those made via networks like Visa, Mastercard, and SWIFT. The government wants to boost UPI use by Indians abroad and increase competition in the global cross-border payments market.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖