upi: From plastic money to internet banking at UPI: dissecting India’s digital payments ecosystem

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Concept by Anand J and Muhabit ul haq

Synopsis

Unlike the early days of internet banking in India, today there is a plethora of digital payment options for the public as well as businesses when it comes to transferring money. Although cash continues to reign in the country due to low disposable income, digital transactions have exploded in the past 15 months, catalyzed by the pandemic.

When was the last time you went to a bank to deposit a check or spent hours in line to pay your phone or electricity bill? If these were routine monthly proofs, even until a few years ago, the world of financial transactions is in your hands today. From regular bill payments to money transfers and more, financial transactions are just a few clicks away and are sliding into the age of technology. In India, digital payments have gained a

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