India's strategy with UPI and RuPay is transforming the payment landscape, fostering competition against major international players like Visa and Mastercard by promoting local networks.
UPI now processes over 13 billion transactions monthly, representing 36% of consumer spending in India, a marked rise from negligible levels just five years ago.
RuPay's successful integration with UPI allows it to dominate credit card transactions, accounting for 28% of volume in just the first months of fiscal year 2025.
To increase RuPay adoption, India has implemented a fee structure that only charges merchants on transactions over 2,000 rupees, appealing especially to small businesses.
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