Sorry, I meant that UPI is running at a loss and is subsidized. https://bfsi.economictimes.indiatimes.com/news/fintech/upi-transactions-are-rising-but-who-will

Sorry, I meant that UPI is running at a loss and is subsidized. https://bfsi.economictimes.indiatimes.com/news/fintech/upi-transactions-are-rising-but-who-will-foot-the-bill/94032077 https://bfsi.economictimes.indiatimes.com/news/fintech/upi-t... The government gives Rs 1,300 crore as subsidy Unsurprisingly, there is now a 1.1% interchange on some UPI transactions now: https://www.onmanorama.com/news/business/2023/03/31/upi-transactions-wallets-charge-npci.html https://www.onmanorama.com/news/business/2023/03/31/upi-tran... Separately, NCPI's revenues are USD ~2B/year: https://www.icra.in/Rationale/ShowRationaleReport/?Id=122149#:~:text=Healthy%20financial%20risk%20profile%20%E2%80%93%20NPCI,a%20net%20worth%20of%20Rs https://www.icra.in/Rationale/ShowRationaleReport/?Id=122149....