India has had UPI since 2016 now and recently overtook Visa and Mastercards global transaction volume with 650 million transactions per day [1]. These payment processors seem to be basically levying a 1-3% tax on a nations entire GDP and enforcing their own ideas of what transactions should or shouldn't be allowed. With UPI and Pix etc. paving the way and showing its possible, it actually sounds insane to give so much money and power to some private company that provides a worse product, for nation-critical infrastructure.
[1] https://organiser.org/2025/07/22/304055/bharat/a-fintech-rev...