Author: Farhad Madan

Mumbai: Today, we celebrate the remarkable success of digital payments in India. Since its launch in 2016, the Unified Payments Interface (UPI) has experienced exponential growth. As of December 2024, there were 16.73 billion UPI transactions, amounting to ₹23.25 lakh crore. Interestingly, the roots of digital payments in India can be traced back to the launch of Electronic Top-up in January 2004. By the time UPI gained traction, most Indians were already familiar with digital transactions, averaging four electronic top-up recharges per month over the prior 12 years. As pointed out by Brad Jones “A lot of people probably forget PayTM started…