Nikhil Kamath Sits Down With The People Behind Your Payments Network to Ask Who Really Pays for UPI, and What Comes Next
Oct 31, 2026
Bengaluru (Karnataka) [India], October 31: Grain, gold, paper, plastic. For most of history, money has been getting lighter, and in India it eventually became a sound: the little voice on a shopkeeper’s speaker telling you fifty rupees just arrived. UPI now handles close to a billion transactions a day, and paying someone feels like nothing at all. But someone is building it, running it and paying for it. So who are they, how does their business work, and what are they up to next?
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