Given the cost of internet data in India is one of the lowest in the world—it has fallen to $0.2 now from $0.7 for 1GB in 2020—the country’s internet user-base has grown phenomenally, driving digital payments. Unified Payments Interface has clocked a record high of 6.6 billion transactions in August, with the total value of Rs 10.7 trillion.

In fact, India accounts for 40% of all real time digital payments worldwide, according to ACI Worldwide.

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Even so, finance minister Nirmala Sitharaman has said the country has much loftier ambitions—1 billion UPI transactions per day by 2027.