Three fundamental sources of infirmity need fixing. First, the KYC process using Aadhaar must be made credible and secure. Second, since most UPI transactions are free, traditional lenders have little incentive to shorten their technology-upgrade cycle. Third, the monopoly of the National Payments Corporation of India, which runs the UPI, must end. As long as the country’s preferred system for moving money online is devoid of fair charges — and free from competition, there are great risks