India's global DPI proposal faces resistance from developed nations

Amid fear of losses for Visa and Mastercard, developed countries have flagged that an interoperable global DPI may affect private players

India’s proposal to formalise an interoperable global Digital Public Infrastructure (DPI) framework in the G20 leaders’ communique is facing pushback from some developed countries, which argue the move may impede the growth of global private payment processors. This is even as more countries are accepting the National Payments Corporation of India (NPCI)-developed Unified Payments Interface.
 

After integrating with Singapore’s payment system this March, India last week signed agreements with the United Arab Emirates (UAE) and France to expand the footprint of UPI beyond its shores.  Though no recent data is available about the market share of UPI and American private