New Delhi, July 8 -- Moving money is a model for making money. In the next few months, big-brand fintechs that use the Unified Payments Interface (UPI) and Digital Public Infrastructure (DPI) platforms will offer shares to the public, adding lustre to a technology boom as well as fizz to shareholder capitalism.

Everyone takes for granted fintech's standard-setting innovations, from zero transaction fees, instant settlement and freedom from the fiddly chore of counting cash. But the transformation of domestic payments has not yet fed into cross-border payments. Dissatisfaction over delays in international money transfers to personal and business accounts, and a general lack of transparency, remains rife.

The RBI's recent circular on faci...