The UPI is an interface for the Immediate Payment Service, which is a payment network owned and operated by the National Payments Corporation of India, which in

The UPI is an interface for the Immediate Payment Service, which is a payment network owned and operated by the National Payments Corporation of India, which in turned is owned jointly by the Indian government and an association of private Indian banks: the Indian Banks' Association. I personally think a centrally owned service like the IPS is very useful. I just think we would be better off having a permissionless and decentralized alternative that has wide enough adoption to make useful and hard to prohibit, to both provide competition to the centrally controlled network, and to act as a failsafe in case that network is mismanaged and run in an abusive fashion, e.g. locking out those who refused to get a COVID vaccine.