Ishan Sharma , head of growth at payments infrastructure provider Juspay, said: “I think the real growth of UPI was the enablement of the last mile – that was the real big win.”
He said that banks, payment apps and other providers face growing costs to keep UPI reliable and combat fraud.
“There is energy cost, server cost and a number of engineering talent required to build this stuff,” he said.
That is increasingly the government’s argument too.
In August , the Ministry of Finance said UPI’s rapid growth required continued upgrades in infrastructure, cybersecurity and fraud prevention, and that relying on subsidies alone was “not viable for the…
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