UPI is the poster child for what fintech can achieve in India.
It made headlines again last month for crossing $1 trillion
transaction value in FY21-22. NPCI's COO attributed this feat to the collective
efforts of banks, fintechs and users.
But what is UPI's recipe for success? In hindsight, it
seems as simple as making a cup of tea. Take 313 banks as the familiar, ubiquitous, and
all-important tea leaves. Let users pick their flavor from more
than 65 apps – like picking ginger,
tulsi, cinnamon or chamomile. Make sure no flavour is
‘dominant' – not more than 30% of the whole. And finally, heap
on two spoonsful of zero merchant-fees to make it extra sweet
(albeit unsustainable). Now we have all the right
ingredients. But, is it enough? As chef Thomas Keller
once said “A recipe has no soul, you, as
the cook, must bring soul to the recipe” . Which is why we
have NPCI as the chef bringing all the ingredients
