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UPI share in national digital payments reinforces structural network lock-in
This payment dominance demonstrates irreversible UPI-first behavioural lock-in and supports macro signal extraction advantage for India’s capital markets and data policy ecosystem.
85 percent of India’s digital payment volume is now processed through UPI according to latest industry tracking. QR ubiquity, real-time settlement, and near-zero switching friction have entrenched UPI-first consumer preference formation at a scale unmatched in global payments modernisation cycles. Banks and fintechs are now architecting product rails directly on UPI primitives instead of card-first paradigms. Analysts say this strengthens real-time tax-grade event graph generation, materially improving domestic macro signal extraction quality and enabling capital markets to map near-live behavioural liquidity patterns.