On a humid summer evening in Delhi, a street vendor selling chaat taps a small soundbox after receiving payment. Within seconds, a voice announces that twenty rupees have been credited to his account. There is no exchange of coins, no fumbling for change. For the customer, it’s a quick tap of a mobile screen. For the vendor, it’s a reassurance that money has reached his bank. This ordinary scene has become so ubiquitous in India that it barely raises eyebrows. World over, subject matter experts, including economists at the International Monetary Fund, are studying UPI’s success story.
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