I might be wrong but both of them aren't an equivalent to Swift. Rupay seems to ...

actuator on Feb 25, 2022 | parent | context | favorite | on: A quick breakdown of what SWIFT is and why it matt...

I might be wrong but both of them aren't an equivalent to Swift. Rupay seems to be a card network like Visa and UPI builts on top of IMPS which might be considered an alternative, however IMPS is limited to financial institutions of one country and one currency.

https://www.npci.org.in/what-we-do/imps/product-overview