U.S. Fed's Christopher Waller On Why U.S. Is Unable To Replicate India's Success In Digital Payment

At the Global Fintech Fest event in Mumbai, Christopher Waller, Member of the U.S. Federal Reserve Board of Governors, discusses the U.S. digital payment system and the challenges preventing money transfers between the FedNow and UPI systems. Christopher Waller explains that U.S. payments must integrate with around 9,000 banks, but only a fraction of these banks are currently connected to 'FedNow', The U.S. digital payment service. As a result, money transfers are not yet feasible. He notes that building a fully functional system will take time, and it will be several years before 'FedNow' is fully operational.