India, Jan. 14 -- Driven by the country's technological prowess, digitisation efforts, a supportive regulatory regime, and the launch of the Unified Payments Interface (UPI) in 2016, India's digital payment ecosystem has grown unhinged.

Launched by erstwhile RBI governor Raghuram G Rajan, UPI was first piloted in Mumbai with 21 member banks. The tech stack was introduced to address the challenges of traditional banking by creating a seamless platform that could allow fund transfers through mobile devices.

Today, UPI has not only revolutionised traditional payment methods by eliminating the need for extensive details like account numbers or IFSC codes but also made digital payments accessible to all.

Since its launch, the total volume a...