Re:UPI: India's Unified Payments Interface
by pgeorgi on Sunday August 09, 2020 @10:50AM
(#24099973)
European countries were also standardizing finance before the EU existed, but that meant that there already was the infrastructure of banks working together (in each country) that was then used to establish the EU wide protocols.
In comparison US banking seems rather adversarial in nature and so there are few interbanking standards which led to the need of a layer on top in the form of credit card companies to abstract away the differences.
e.g. having strong anti-fraud/anti-theft practices built around signatures.