The DPI Academy, in collaboration with Princeton University’s Chadha Center for Global India and the Center for Information Technology Policy, hosted an insightful roundtable discussion on “UPI and Risk Management” on November 13, 2024. The session was moderated by Mihir Kshirsagar, who leads an interdisciplinary technology policy clinic at Princeton’s Center for Information Technology Policy (CITP).

Since its launch in 2016, the Unified Payments Interface (UPI) has seen significant growth, now serving over 330 million users and 50 million merchants. As the UPI ecosystem has evolved, new challenges have emerged—ranging from security and trust issues to the need for fostering healthy competition. Despite its success, India’s demographic and socioeconomic changes indicate that there is still significant potential for digital payments to expand further.

The roundtable brought together 22 distinguished experts and stakeholders to discuss key issues surrounding financial inclusion, safety and trust, and financial sustainability. Together, participants explored practical solutions to address emerging risks and opportunities in the UPI ecosystem. The discussion also focused on UPI’s role in advancing financial inclusion and its broader impact on India’s digital economy.

This conversation is part of our ongoing efforts to examine the governance dimensions of digital public infrastructure (DPI), including how platforms like UPI can be managed and regulated to ensure they are secure, inclusive, and sustainable.