“According to the National Payments Corporation of India (NPCI), 8.03 billion UPI transactions were recorded in the month of January with a value of transactions being roughly Rs 13 trillion, a substantial increase from the 7.82 billion transactions recorded in December 2022. This milestone proved that the country is now firmly on the path to becoming a digital-first economy and is a testament to the growing acceptance of digital payments in India. This is especially true for the populace in rural and semi-urban areas, which have embraced digital payment systems quickly. As highlighted in the 2023 Union Budget, digital payments have gained a wider acceptance with UPI clocking 7400 crore digital payments worth Rs 126 lakh crore in 2022. It has been a strong digital start to the year. UPI has played an important role in driving financial inclusion to the last mile. In addition, the government’s push toward digital payments has also been a major factor in the growth of UPI transactions. ”