In the realm of digital payments, India has witnessed a monumental shift, spearheaded by the Unified Payments Interface (UPI). As of December 2023, UPI recorded a staggering 857 million transactions in the current financial year, a testament to its dominant role in India’s digital payment landscape, commanding an impressive 62 per cent market share in FY 2022-23. This surge in UPI transactions is a clear indicator of the country’s move.