The growth of UPI in the country had a butterfly effect on various paradigms of development such as Financial Inclusion, Ease of Doing Business and Ease of Living of Indian citizens. This report attempts to trace this journey and elaborate on Unified Payments Interface (UPI) recorded its highest-ever number of transactions at how this transformation took place through economic and social lenses. Moreover, India’s initiative to undertake this journey and its eventual success, can serve as a model for other developing countries on how to leverage technological innovation and achieve their developmental goals.

In the last 8 years, India transformed itself to shift to a new governance model centered around Digital Public Infrastructure to achieve its development goals and improve the ease of living of its citizens. India strategically employed Digital Public Infrastructure (DPI) to revolutionize governance, exemplifying a global standard. Aadhaar streamlined service delivery, ensuring efficient access to welfare schemes. The CoWin platform orchestrated the world’s largest vaccination drive, showcasing DPI’s efficacy in public health management. Unified Payments Interface (UPI) democratized digital transactions, fostering financial inclusion.

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© 2024 Institute for Competitiveness, India


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