UPI: India built a digital payments miracle. Now comes the bill.

India therefore faces a delicate balancing act. It wants to make UPI financially sustainable without disturbing the conditions that helped make it ubiquitous. It is not an impossible task. Brazil’s Pix, another hugely successful instant-payment system, is free for individuals but permits low-cost charges for businesses. Yet it is the world’s fastest-growing real-time payment system,,…

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