Indeed, UPI is a culmination of several years of ground work laid before it (IMPS, Adhaar etc.,) Let me add one thing here though. > Low cost of payment infra

Indeed, UPI is a culmination of several years of ground work laid before it (IMPS, Adhaar etc.,) Let me add one thing here though. > Low cost of payment infrastructure to the banks The cost is low primarily because it's is borne by tax payers [1] and the issuing banks. Issuing banks aren't too happy with forgoing a good chunk of their profits that they earn through issuing charges and also having to maintain the infrastructure free of cost. A new for-profit payment consortium [2] has been proposed to compete with NPCI. Will be interesting to see how this plays out. [1] https://www.business-standard.com/article/economy-policy/mdr-waiver-rbi-may-pay-rs-1-800-cr-to-banks-to-fund-free-transactions-120010701314_1.html https://www.business-standard.com/article/economy-policy/mdr... [2] https://m.rbi.org.in/scripts/bs_viewcontent.aspx?Id=3832 https://m.rbi.org.in/scripts/bs_viewcontent.aspx?Id=3832