India’s Unified Payments Interface (UPI) has long been celebrated as one of the world’s most successful digital public infrastructures. With over 12 billion transactions a month, UPI has transformed how Indians pay—at kirana stores, cab rides, e-commerce checkouts, and even temple donations.
But after nearly a decade of breakneck expansion, cracks are beginning to show. Behind the headline numbers, India’s UPI players are facing rising costs, weak monetisation, and increasing regulatory pressure. The question now confronting the ecosystem is simple but uncomfortable: can UPI sustain itself without a viable business model?
From Hypergrowth To Heavy Burden
UPI’s success story is rooted in s
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