UPI at a crossroads? Deep unease in the informal sector as tax axe falls

By all official accounts, India’s digital payments revolution is a runaway success. The Unified Payments Interface (UPI), the government-backed real-time payment system, has truly transformed how money moves across the nation and is now gaining global recognition. As per the ACI Worldwide Report 2024, in 2023, an astounding 49% of all global real-time payment transactions originated in India, high…