A lot of countries have learnt from this and maintain a govt mandated /supported standard for digital payments.

In India, the universal payments interface (UPI) has been hugely successful in providing instant, commission less payments for a vast majority of the population.

Similarly, RuPay is the common standard for credit and debit cards.

It's eye opening to see just how effective and impactful these two have been, particularly UPI. The smallest seller in the remotest village will likely accept UPI payments.

What's mind blowing is that all of this came about in the short span of just under a decade.