Who Pays for UPI? Rethinking the Sustainability of India’s Zero-Cost Digital Payments Model
- 2026-09-11
Introduction The Unified Payments Interface (“UPI”) has transformed India’s digital payments ecosystem by enabling instant payments without a direct transaction charge for consumers and merchants. However, its unprecedented growth has raised a fundamental question: if UPI transactions remain free for users, who should ultimately bear the cost of maintaining the infrastructure? The question has gained…