Of course, but are you aware that there are already cross-country agreements that allow these systems to work, for example, UPI is accepted in Singapore?
There are also alternatives like WePay, AliPay, LINE Pay and other wallet providers that are generally accepted across Asia.
The use of the Visa and MC networks is primarily a US/EU/APAC environment, where the alliance of bank issuers has controlled that market for decades.
This is essentially a "legacy" network, with a lot of issues related to the interchange and other fees, as well as any number of 3rd parties, hidden from the consumer, that "clip the ticket" of each transaction.
Not cheaper than using one of the instant net settlement services like FedNow (UPI in India, PromptPay in Thailand, PayID in Australia)
Do you see what the issue might be with the parenthetical there?
Of course, but are you aware that there are already cross-country agreements that allow these systems to work, for example, UPI is accepted in Singapore?
https://support.google.com/pay/india/answer/13949170?hl=en
There are also alternatives like WePay, AliPay, LINE Pay and other wallet providers that are generally accepted across Asia.
The use of the Visa and MC networks is primarily a US/EU/APAC environment, where the alliance of bank issuers has controlled that market for decades.
This is essentially a "legacy" network, with a lot of issues related to the interchange and other fees, as well as any number of 3rd parties, hidden from the consumer, that "clip the ticket" of each transaction.