According to the data put out by the National Payments Corporation of India (NPCI), the Unified Payments Interface (UPI) reported 6.57 billion transactions, amounting to Rs 10.72 trillion, up 4.62 per cent and 0.95 per cent on a month-on-month (MoM) basis, in terms of volume and value of transactions, respectively. The latest transaction numbers are evidence of the popularity of UPI as a preferred mode of payment among a larger set of consumers. In the last few years, UPI has taken pole position among retail payment channels, eating into the share of card-based transactions. The adoption of digital payments accelerated during the COVID 19 pandemic. Mirroring the recovery in the broader economy the UPI transactions have been on an upward trajectory. UPI attracts no fee from the merchant, and many have seen this feature as the chief reason behind the increased adoption of the channel.