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Both the identity and the payment layers are controlled by the government, but open to others. As a result, using the system is cheap.
身份和支付層面都由政府管控，但是對其他人開放。因此，使用該系統的成本很低。
Outside India payments tend to be handled mainly by private firms such as Visa, Mastercard, American Express or, in China, Ant Financial and Tencent.
除印度外，支付業務往往主要由私企處理，如Visa、萬事達、美國運通或中國的螞蟻金融和騰訊。
These own the pipes through which funds flow, and can charge heavily for their use.
這些銀行擁有資金流動的管道，并且可以對用戶收取高額費用。
Their close relationships with users create high barriers to entry, putting new entrants at a disadvantage. By contrast, UPI is forbidden to charge merchants fees.
它們與用戶的密切關系抬高了進入壁壘，使新進入者處于不利地位。相比之下，UPI禁止向商戶收取費用。
India's set-up enables competition. The heavily regulated banking system still holds all the funds.
印度的體制使競爭成為可能。受到嚴格監管的銀行系統仍然持有所有資金。
However, layered on top are a number of lightly regulated private companies, with which customers interact directly.
然而在上層的是一些監管寬松的私企，他們會與客戶進行直接接觸。
These apps initiate transactions and have access to account information but do not control money or networks.
這些應用程序啟動交易，且能夠訪問賬戶信息，但不需要控制資金或網絡。
Paytm, a home-grown firm, and PhonePe, owned by Walmart, are big players. So too is Google, perhaps explaining its enthusiasm for the system.
本土公司Paytm和沃爾瑪旗下的PhonePe都是大玩家。谷歌也是如此，這或許可以解釋它對該系統的熱情。
But the costs of switching are negligible, requiring just a tap on a phone.
但交換成本可以忽略不計，只需在手機上輕輕一按。
UPI will next step into the realm of lending. Seven "account aggregator" are preparing to launch (although covid-19 has delayed their roll-out).
UPI下一步將進入貸款領域。7個“賬戶聚集器“正等待推出（雖然covid-19疫情推遲了它們的推廣）。
Once granted a customer's permission, these will compile a history of funds received and paid, which can be shared with lenders.
一旦獲得客戶的許可，這些程序就會匯編一份資金收付的歷史記錄，并可與貸款方共享。
The benefits of such a system are clear. It would break the links between credit and collateral or personal relationships,
這樣一個系統的好處是顯而易見的。它將打破貸款與抵押品或個人關系之間的聯系，
and allow even small lenders to get loans based on their transaction histories and their income.
甚至允許小額貸款機構根據他們的交易歷史和收入獲得貸款。
When combined with cheap transfer costs, the cost of lending to even the tiniest business could fall. These now pay as much as 4% for a one-day loan.
再加上低廉的轉移成本，即便是向最小企業放貸的成本也可能下降。現在一天的貸款利率高達4%。
But this is also where the drawbacks of UPI could become most apparent. Only a handful of transactions fail, but glitches have been known to occur.
但這也是UPI劣勢最為明顯的地方。只有少數交易失敗，但已知會發生一些小故障。
Aadhaar numbers have leaked before. Security matters more when access to credit is at stake.
此前，Aadhaar數據泄露。當信貸的獲取受到威脅時，安全問題就更加重要了。
Another concern is the extent of the government's control over parts of the infrastructure. In related areas it has not been above misusing its clout.
另一個問題是政府對部分基礎設施的控制程度。在相關領域，政府一直在濫用自己的影響力。
In 2019, for instance, it shut down the internet in the troubled territory of Kashmir.
例如，在2019年，印度政府關閉了問題領土克什米爾地區的互聯網。
Clever as India's digital financial system is, such risks could mean that, for some, cash retains the edge.
盡管印度的數字金融系統很聰明，但這種風險可能意味著，對一些人來說，現金仍具有優勢。
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