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Cash Replacements
- Credit cards, FinTech apps, and smartphones are replacing cash.
- Emerging economies use mobile payment systems like M-PESA in Kenya.
Payment Systems
- China uses QR codes for payments in markets.
- India's Unified Payment Interface (UPI) is a state-led, open system.
India's UPI
- India's UPI processed over a trillion dollars in transactions last year.
- UPI is interoperable, unlike China's Alipay or Kenya's M-PESA.


