Decades ago, settling your bills at the neighbourhood shop might have involved looking for some cash, waiting for change, or swiping a debit card. Today, all you need is a QR code and some tapping to do the same in seconds. While the Unified Payment Interface (UPI) was once a novel payment rail, it has evolved into much more: a ubiquitous digital infrastructure. The UPI system was launched in April 2016 by the National Payments Corporation of India with oversight from the Reserve Bank of India in 21 banks. By March 2026, there were more than 700 banks live on [...]
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