India, Nov. 11 -- Robinhood Markets Inc. is on course to generate $100 million revenue from transaction charges alone this year, while Zerodha Broking Ltd. does zero. That may seem like an opportunity lost, but it shows how evolved India's fintech ecosystem is, as compared to the US-thanks to UPI.

"I'm still shocked that people pay 1.75% on an instant withdrawal transaction. This really shows how broken the US banking system is," Zerodha's co-founder and CEO Nithin Kamath wrote on X. "Even in 2025, there's still no full-fledged instant payments system like UPI-most fund transfers take a couple of days!"

"For comparison, we don't charge @zerodhaonline clients for deposits (thanks to UPI) or instant withdrawals. We've processed over Rs.50...