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Industry & Competitive Context India’s Unified Payments Interface (UPI), built by the National Payments Corporation of India (NPCI), transformed retail digital payments from a niche convenience into default behavior across the country. According to figures released by PhonePe jointly with Boston Consulting Group in June 2022, UPI transaction volumes grew from approximately 5 billion in FY19 to approximately 46 billion in FY22, a roughly ninefold increase in three years, and U