From Cash to UPI: How evolution of digital India fueled online payments?

livemint.com:

The rise of digital payments in India has been revolutionary, fueled by technological progress and government efforts to promote cashless transactions and financial inclusion. Government initiatives like the 2016 demonetisation, aimed at reducing black money and encouraging cashless transactions, gave a significant boost to digital payments. Moreover, the introduction of the Unified Payments Interface (UPI) by the National Payments Corporation of India (NPCI) transformed the digital payment scene. Today, India boasts one of the world's most advanced digital payment systems. 

“The JAM trinity (Jan Dhan, Aadhaar, and Mobile) has laid the foundation for a diverse and inclusive digital ecosystem. Several digital payment platforms such as Unified Payment Interface (UPI), RuPay cards, Aadhaar Enabled Payment System (AePS), Bharat Bill Payment System (BBPS), National Electronic Toll Collection (NETC), and Mobile Wallets are facilitating secure and seamless digital transactions for the millions of citizens in the country," said Shikhar Aggarwal, Chairman of BLS E-Services. 

Under RBI Governor Shaktikanta Das's leadership, the central bank has emerged as one of the most forward-thinking financial regulators globally, significantly transforming India's digital payments landscape, added Shikhar Aggarwal.

Industry experts believe that initiatives like the Digital India campaign have aimed to bridge the digital divide and empower citizens with access to digital services, including payments.

According to Tushar Das, Chief Product and Data Science Head, the launch of the Credit Card on UPI rails and credit on UPI has been another innovative initiative that would further increase the growth of digital payments. However, the boldest move