At the time of demonetisation, the country was desperately seeking an alternative to cash. And a payments regulator called NPCI or the National Payments Corporation of India, was our unexpected knight in shining armour.
The NPCI managed to launch UPI at just the right time. This was a revolutionary, once in a generation product that really put the NPCI on the map.
Over the years, UPI also became a huge political asset for the Central Government. That’s evident from the fact that political leaders, including the PM, have made it a point to repeatedly endorse UPI.
But nearly two general elections later, the pressure is on for the NPCI to come up with a new product, the next UPI. And the NPCI is really feeling the pressure.
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