Should India Keep UPI Free For Consumers? Ex-Payments Body Board Member Explains
Standing amid the crowded lanes of Chandni Chowk, one of India's largest commercial hubs where transactions worth tens of thousands of crores take place every year, the transformation of India's economy is visible in the blink of an eye or scan of a QR code. Street vendors, shopkeepers, wholesalers and customers routinely complete transactions using the Unified Payments Interface (UPI), a digital payments platform that has revolutionised the way Indians exchange money. The success of UPI has been built on a simple promise: instant payments that are free for ordinary citizens and small merchants. That model has helped drive an extraordinary shift away from cash and positioned India as a global leader in digital payments.
