India's glorifying success in UPI adoption : What is working, What is not and what can be done better?

The Unified Payments Interface (UPI) has revolutionized India's payment landscape since its inception in 2016, offering a seamless, real-time digital payment system that has significantly impacted both microeconomic and macroeconomic spheres. This research paper delves into the microeconomic implications of UPI, examining its effects on consumer behavior, business operations, and financial inclusion. It further explores the macroeconomic consequences, including contributions to GDP growth, formalisation of the economy, and the evolution of the financial sector. Additionally, the paper analyses UPI's global influence by evaluating its potential adoption in countries such as Nigeria, China, Norway, and France. It then goes on to analyse the political implications of this technology as it has given a lot of credibility and political advantage to the incumbent government and it has the power to play a large role in financial foreign policy for India. Finally, this paper discusses the future of UPI and the various problems that this industry could face and the various ideas that can be used to alleviate such issues. Through a balanced assessment of benefits and challenges, this study provides a comprehensive understanding of UPI's transformative role in modern economies.