In Iran, the Shetab system is used for digital transactions, similar to India's UPI, amidst ongoing discussions about the country amid international tensions.
As tensions rise surrounding Iran due to attacks from the US and Israel, there is a growing interest globally in the local technologies utilized within the country. One of the key systems for financial transactions in Iran is the Shetab platform, which serves a function comparable to India's Unified Payment Interface (UPI). Despite facing extensive international sanctions, which bar conventional systems like MasterCard and Visa, Iran has developed its own transaction network through Shetab, utilizing local banks for various transactions.
The Shetab system was initiated in 2002 by the Central Bank of Iran, aiming to modernize the way transactions occur within the country. It allows for bank card transactions, ATM withdrawals, and point-of-sale (POS) engagements, enhancing the financial infrastructure necessary for a country that has faced various restrictions. This system was critical for ensuring that Iranians could conduct transactions domestically without relying on foreign payment networks.
In contrast, India's UPI was launched in 2016 by the National Payment Corporation of India (NPCI), revolutionizing digital payments with its instant transfer capabilities and broad acceptance among retailers. While both systems aim to provide seamless financial transactions, the geopolitical contexts significantly influence their functionalities and accessibility, marking a notable difference between digital payment solutions in India and Iran.
