In India, we have UPI, a tokenized peer to peer payments network powered by the National Payments Corporation of India (NPCI).
Banks participate on the NPCI payment network.
I can assign a Virtual Payment Address (VPA) such as payxyz@mybank and give that VPA to anyone that needs to transfer funds to me. At the moment, there are no transaction fees with a transaction limit of INR 200,000 (approx. $2500). This makes it unnecessary to share any sensitive bank routing numbers / account numbers etc., One can create different VPAs for different purposes/payers.
The transfers are instantaneous (i.e., completed within seconds) and accounts debited/credited. The system works transparently across banks due to the network being managed by NPCI.
Banks participate on the NPCI payment network.
I can assign a Virtual Payment Address (VPA) such as payxyz@mybank and give that VPA to anyone that needs to transfer funds to me. At the moment, there are no transaction fees with a transaction limit of INR 200,000 (approx. $2500). This makes it unnecessary to share any sensitive bank routing numbers / account numbers etc., One can create different VPAs for different purposes/payers.
UPI has had impressive growth in transaction volume (both # and monetary value) since its inception in 2016. https://www.npci.org.in/what-we-do/upi/product-statistics
The transfers are instantaneous (i.e., completed within seconds) and accounts debited/credited. The system works transparently across banks due to the network being managed by NPCI.