Silicon Valley fancies itself the global leader in innovation. Its leaders hype technologies such as bitcoin and blockchain, which some claim are the greatest inventions since the Internet. They are so complex that only a few mathematicians can understand them, and they require massive computing resources to operate - yet billions of dollars are invested in them.

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Having been in India when they withdrew cash notes in certain denominations we saw first hand the impact of all the money "coming out from under the mattress" and also the absolute devastation it caused to non identified bank account less poor.

last year

Is this the latest innovation in payments? I've included a summary of the concept below 😀

A decade ago, India had a massive problem: nearly half its people did not have any form of identification. In 2009, the government launched a massive project, called Aadhar, to solve this problem by providing a digital identity to everyone based on an individual’s fingerprints and retina scans.

India’s next challenge was to provide everyone with a bank account. Within three years, more than 270 million bank accounts were opened, with $10 billion in deposits.

And then India launched its Unified Payment Interface (UPI), a way for banks to transfer money directly to one another based on a single identifier, such as the Aadhar number.

With a system such as UPI, the billing processor is eliminated, and transaction costs are close to zero. The mobile phone and a personal identification number take the place of the credit card as the authentication factor. All you do is to download a free app and enter your identification number and bank PIN, and you can instantly transfer money to anyone — regardless of which bank he or she uses.

There is no technology barrier to prevent a UPI from working in the United States. Transfers would happen within seconds, even faster than the 10 minutes that a bitcoin transaction takes.
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